Petrobras output challenge

Realistic: Petrobras chief executive Maria das Gracas Foster

REUTERS

By Fabio Palmigiani Rio de Janeiro

 21 June 2012 22:59 GMT

Brazilian state-controlled oil company Petrobras has unveiled a fresh five-year business plan that calls for record investments of $236.5 billion in the period to 2016 — but also reduces production targets.

Petrobras said the new, lower production forecast is based on an extensive review of the operational efficiency of systems already on stream in the Campos basin, and upcoming units due to be ­installed in the Santos basin.

The new plan sees an average of $47.3 billion per year invested in the 2012 to 2016 period and represents an increase of 5.3% compared to the $224.7 billion capital programme formerly earmarked for 2011 to 2015.

The company’s exploration and production department is expected to receive investments of $141.8 billion by 2016, up 11.2% from…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index