Petrobras to Boost Offshore Development

6 December 2009 (Last Updated December 6th, 2009 18:30)

Petroleo Brasileiro SA (Petrobas) will announce the expansion of a $174.4bn investment programme in the first quarter of 2010 as it develops offshore fields in the pre-salt region. Petrobas chief executive officer Jose Sergio Gabrielli said the company is planning to increase investment

Petroleo Brasileiro SA (Petrobas) will announce the expansion of a $174.4bn investment programme in the first quarter of 2010 as it develops offshore fields in the pre-salt region.

Petrobas chief executive officer Jose Sergio Gabrielli said the company is planning to increase investments in oil exploration, production and refining, as well as fertiliser production and electricity projects.

The expanded 2009-13 plan aims to develop the Tupi field and increase total oil output to 3.7 million barrels a day by 2013, which is 52% more from than the 2.4 million produced last year, reports Bloomberg.

The company is also planning to more than double oil production to 5.7 million barrels a day by 2020.