Petrobras pumping billions into oil
Published:Thursday | June 24, 2010 | 12:00 AM
Brazil's state-run oil company says it will invest US$224 billion through 2014 and double production by 2020.
About 95 per cent of that will be invested in Brazil.
Massive offshore oil finds have been discovered near Brazil's coast and some forecast they could hold 100 billion barrels of oil.
Petroleo Brasileiro SA says it will spend US$118.8 billion on production and exploration. That is up 13 per cent from the 2009-2013 plan.
Petrobras CEO Sergio Gabrielli says the company plans to double its production by 2020.
Petrobras produces 2.7 million barrels per day now. That figure will jump to 5.4 million barrels per day, the oil company said Monday.
- AP