Petrobras, partners plan Santos basin investment push

Brazil’s state-owned Petroleo Brasileiro SA (Petrobras) plans to invest, along with partners, $18 billion over the next 10 years for oil and gas development in the offshore Santos basin.Petrobras’s board determined that the first large volume of gas from the Santos area should flow in second-half 2008, when Petrobras expects output of 12 million cu m/day from Mexilhão and Merluza fields. A new business unit is being set up in the coastal city of Santos, São Paulo.Company officials expect the BS-500 Block-the largest of five planned production areas in the basin-to start producing 20 million cu m/day of gas and 150,000-200,000 b/d of crude oil in 2010.Petrobras an...

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