08/08/2006
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Petrobras to double spending, leases six rigs
Brazil's state-owned oil company Petroleo Brasileiro SA (Petrobras ) expects to double exploration expenditures over the next 5 years compared with the past 5 years, said Petrobras Pres. José Sérgio Gabrielli. Exploration expenditures, he said, will increase to $7-8 billion/year through 2011, up from an average of $2.5-3 billion/year during the past 5 years, and he added that the focus of expenditures will be on Brazilian companies.