Petrobras targets 2005 for oil self-sufficiency

Petroleo Brasileiro SA (Petrobras) will invest $29.4 billion by 2005 to become self-sufficient in crude oil production.That spending target breaks out as 82% in Brazil and the balance abroad. Petrobras Pres. Henri Philippe Reichstul said 89% of the investments will be funded by Petrobras's own financial resources and international loans. The remainder will be funded via project financing.The target is to increase oil production to 1.9 million b/d by 2005 from 1.3 million b/d now, with most of that crude feeding Petrobras refineries. The Brazilian state oil company owns 11 of Brazil's 13 refineries. Petrobras imports 250,000 b/d of oil products and estimates that Brazil will import...

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