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Petrobras approves 5-year, $225 billion investment plan

08/08/2011
Eric Watkins Oil Diplomacy Editor The board of Brazil's state-run Petroleo Brasileiro SA (Petrobras) approved a $224.7 billion, 5-year investment plan, with about 57% of the projected outlays to be spent on exploration and production. E&P spend will total $127.5 billion, of which $117.7 billion will be allocated to Brazil, 65% for production development, 18% for exploration, and 17% for infrastructure. The presalt areas will absorb 45% of the total E&P investment in Brazil. Petrobras Chief Executive Officer Jose Sergio Gabrielli de Azevedo said the projected E&P investment will increase Petrobras's production to 6.4 million boe/d in 2020 and 4 million boe/d in 2015 from the cu...
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