Petrobras to invest US$15.9B internationally



RIO DE JANEIRO — Brazilian state energy company Petrobras will invest US$15.9 billion into international operations between 2009 and 2013. Around 79 percent of this will be allocated to international exploration and production activities, with the rest going towards refining, transportation distribution and other areas.

Twenty eight percent of the international investments will head to the United States, where Petrobras has exploration and production activities in the Gulf of Mexico. Another 16 percent will go towards activities in Argentina. Nigeria and Angola will receive 12 percent and five percent of the investments. Remaining countries will get 17 percent of the US$15.9 million, with another 22 percent set aside for new business opportunities.

Petrobras is predicting an 8.8 percent growth rate in international production through 2013, from 224,999 BOE/d in 2008 to 341,000 BOE/d by 2012.

In 2009, Petrobras’ total production abroad is expected to be 244,000 BOE/d, consisting of around 142,000 barrels of oil and 103,000 barrels of natural gas. In 2013, these figures are expected to rise to 210,000 and 131,000 barrels, respectively, topping out at 409,000 barrels of oil and 223,000 barrels of natural gas in 2020.


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