Petroleo Brasileiro is to participate in the oil exploration tender in the Carabobo region offshore Venezuela, according to Agência Estado.

Brazil’s state oil company Petrobras has already gathered the geological information and is looking for the tender process to commence, Petrobras international director Jorge Zelada told the agency.

The company expects production outside Brazil to rise from 244,000 barrels per day in 2009 to 341,000 barrels a day next year.