
by Phaedra Friend
With massive deepwater finds in the pre-salt layer, as well as the Campos and Santos Basins, Brazilian state-owned Petrobras pledged an investment of $174.4 billion for 2009 to 2013. With a firm commitment to exploration and production, the company hopes to become one of the five largest energy companies in the world.
In an interview with Rigzone, a Petrobras executive explained that the company was able to achieve its recent successes because it invested when times were tough.”This allowed the company to develop in deepwater oil production, in the ’80s when only a few companies could do it because the prices were not lucrative,” explained Decio Fabricio Oddone da Costa, CEO of Petrobras Energia.