MercoPress. South Atlantic News Agency

Petrobras overseas investment targets US and Argentina

Brazil's government-managed oil and gas corporation Petrobrás announced Friday its international 2009/2013 investment plan totalling 15.9 billion US dollars, of which 44% has been earmarked for allocation in United States and Argentina.

The resources are to be distributed 79% for International Exploration & Production activities; Gas & Energy, 8%; Refining, Transportation, Marketing and Petrochemicals, 7% and Distribution 5%. In United States Petrobras will concentrate on exploration and production concessions in the Gulf of Mexico and in Argentina the company will continue among the main oil and natural gas producers. Petrobras investments in Argentina also include marketing, refining and processing, derivative distribution, pipeline network, petrochemical and generation, and electric energy distribution businesses there. In Africa Nigeria and Angola will receive 12% and 5% of the investments with 17% for the rest of the countries where Petrobras has interests. The item New business opportunities has been entitled with 22% of resources. Petrobras expects a production annual growth rate of 8.8% through 2013, from 240.000 barrels of oil equivalent per day (boed) in 2008 to 341,000 boed in 2013. Looking further into the future production for 2020 is estimated at 632,000 boed. Petrobras has overseas interests in Argentina, Bolivia, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, Venezuela, Cuba, US, Mexico, Portugal, UK, Turkey, China, Singapore, India, Iran, Japan, Pakistan, Angola, Libya, Mozambique, Nigeria, Senegal, and Tanzania.