Brazil's Petrobras to invest $237 B through 2016

AP News
Posted: Jun 25, 2012 6:21 PM
Brazil's Petrobras to invest $237 B through 2016

RIO DE JANEIRO (AP) — Brazil's state-controlled oil company Petrobras says it'll invest $237 billion worldwide through 2016.

The investment amount was spelled out in the company's latest five-year business plan released Monday.

The bulk of those investments will be made in exploration and production, with the company planning to invest $44 billion alone in the so-called "pre-salt" oil fields located off Brazil's southeastern coast. It was one of the globe's biggest oil finds over the past 30 years, holding an estimated 50 billion barrels.

Petrobras has projected it'll see total production of 2.5 million barrels per day in 2016. In last year's plan, the company forecast 3 million barrels per day by 2015.

Recently appointed CEO Maria das Gracas Silva Foster says the latest five-year plan is more realistic about production than previous plans.