Wait and see: Petrobras boss Jose Sergio Gabrielli
Credit crunch puts Petrobras plan on hold
Brazilian giant Petrobras has postponed the disclosure of its new business plan until the end of the year so that it can evaluate the impact of the global financial crisis.
The business plan for 2009-2012 was scheduled to be disclosed this month, with details on investments for the exploration of pre-salt oil reserves, Reuters reported.
Petrobras last November announced a stunning find of 5 billion to 8 billion barrels of recoverable light crude in its Tupi offshore field in the Santos basin, the largest deep-water find in history.
Petrobras boss Jose Sergio Gabrielli said in September the global market crisis could make it more difficult for the company to fund its ambitious plans to tap vast deep-water oil reserves.
The Brazilian government's monetary council said in late September it had increased the amount of money the state development bank can lend to Petrobras.
Meanwhile, Petrobras said its output for September had hit a record.
The average volume for September was 1.897 million barrels per day, up 1% compared to August and up 7.3% compared to September 2007.