Petroleo Brasileiro SA, Brazil’s state-run oil producer, aims to boost its spending plan by as much as 26%, the company revealed.
The plans are part of the company’s focus on developing the Americas’ largest discovery in three decades – the Tupi field – as well as other offshore deposits.
Petrobras is expected to announce a strategic plan in the coming months that includes investments of about $200bn-$220bn in the five years through to 2014.
Petrobras, which in 2010 aims to invest more than any other oil company including Royal Dutch Shell and Exxon Mobil Corp, seeks to sell shares this year as part of a plan to swap stock for oil off Brazil’s coast.
Brazil’s Congress is debating new oil rules and legislation to transfer 5 billion barrels of crude in its pre-salt region to Petrobras.