Petrobras to invest $5.1 billion outside Brazil by 2007

Brazil's state-owned Petróleo Brasileiro SA (Petrobras) plans to increase and diversify investments outside of Brazil, investing $800 million this year and $5.1 billion by 2007, Nestor Cerveró, Petrobras's international director, told OGJ."Outside Brazil, the company produces 258,673 boe/d and is working to reach 500,000 boe/d by 2007," Cerveró said. "Up to now the company's international division was prospecting only in eight countries, including the US Gulf of Mexico. Now the company is going to expand its activities in Nigeria and [will] bid in Iran."NigeriaAlthough Petrobras is not yet producing oil in Nigeria, the blocks in which it has a stake will come o...

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