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Petrobras to make £154bn investment in Brazil

Date added: 25th July, 2011 at 10:28
(view all articles from July, 2011)

Categories: Natural Resources

Oil company Petrobras has said it will make a 389 billion reais (£154 billion) investment in Brazil by 2015.

The country's state-run energy firm said it would be focusing on exploration and production, with 57 per cent of its investment directed at this function, particularly in the pre-salt area.

Meanwhile, 31 per cent will go towards refining, transportation and marketing, six per cent will be ploughed into gas and power and two per cent will be used to finance petrochemical operations.

As much as 95 per cent of the money will be invested in Brazil, equivalent to $213.5 billion (£131 billion), with $117.7 billion going towards exploration and production functions.

Of this, 45 per cent will be focused on pre-salt areas like the Lula oil fields, where the firm's most productive well is located.

Francisco Nepomuceno Filho, head of exploration and production at Petrobras' London arm recently told Bloomberg that Brazilian output of oil could be comparable to that of the North Sea, with 2.1 million barrels a day expected to be produced by the country this year.

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