Petrobras investment swelled in first half

Petrobras investment: Increased over first six months of last year

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News Wires

 03 August 2012 22:43 GMT

Brazil's state-led oil company Petrobras invested 37.9 billion reais ($18.7 billion) in the first six months of 2012, 22% more than in the same period a year earlier, according to Brazilian planning ministry documents obtained by Reuters on Friday.

But the amount is less than half of the 87.5 billion reais ($43.1 billion) that Rio de Janeiro-based Petrobras said in February it planned to invest for the entire year, the news wire reported.

Petrobras, which invested 73 billion reais in 2011, in June said it plans to invest $237 billion in the 2012-2016 period, or an average of $47.4 billion a year.

The plan, the world's largest corporate investment program, aims to more than double output to 5.7 million barrels of oil and natural gas equivalent a day (boepd), from about 2.6…

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