Brazil's Petrobras to Invest Billions in Production, Exploration, Biofuels

Brazil's Petrobras to Invest Billions in Production, Exploration, Biofuels

August, 2007 - AP

Rio de Janeiro, Brazil: State-run oil company Petroleo Brasileiro SA, or Petrobras, said Tuesday it plans investments of US$112.4 billion in production, exploration and other activities in Brazil and around the world through 2012, part of a strategic plan to make it a Top 5 energy company in the world (rather than Latin America) by 2020.

US$65 billion of the 100 plus billion will go toward exploration and production. The bulk of its investments would be spent in Brazil, with some billions to be invested abroad.

Part of the non-production non-exploration investments will go into downstream and distribution, and into biofuels, where Petrobras wants to lead the Brazilian production of biodiesel.

Original news source: International Herald Tribune