PETROBRAS SEEKS TO BOOST BRAZILIAN E&D DUE TO MIDEAST CRISIS

09/10/1990
Brazil's state owned Petroleos Brasileiro SA has asked Brazil's new government to shift gears on oil policy in the wake of the Middle East crisis. Petrobras recently submitted to the government an ambitious, 5 year, $16.9 billion plan to boost Brazilian crude oil production to 1 million b/d by 1995 from the current 660,000 b/d. That would put the developing nation at a little more than 71% self-sufficiency, with oil demand projected at 1.4 million b/d by 1995. The Petrobras proposal represents a reversal of the company's stance last year, when fiscal woes forced it to slash its 1989 budget of $2 billion by ha...
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