Brazil oil giant to invest $236.7 bn
Rio de Janeiro: Brazilian state-controlled oil company Petrobras has unveiled its business plan for the 2013-17 period, projecting investment outlays of $236.7 billion and maintaining its goal of raising crude-oil output from 2 million barrels per day (bpd) in 2012 to 4.2 million bpd in 2020.
The total value of the investments contained in the new plan is up just 0.08 percent from the $236.5 billion estimated for the 2012-16 period. The new plan was approved Friday by the company's board of directors. Of the total investments, $207.1 billion are earmarked for ongoing projects and $29.6 billion for projects still in the evaluation phase.
About 62 percent of the funds ($147.5 billion) will be allocated for exploration and production; 27 percent ($64.8 billion) for refining, transportation and distribution; and 4 percent ($9.9 billion) for the gas and energy segments. Projected investments in exploration and production are 12 percent higher than the $131.6 billion indicated in the previous five-year plan, while the amount earmarked for refining, transportation and distribution is down 16 percent from $77.4 billion in the 2012-2016 period.
The company said it has maintained the production targets contained in the previous five-year plan, meaning it is projecting crude-oil output of 2 million bpd in 2013, 2.5 million bpd in 2016, 2.75 million bpd in 2017 and 4.2 million bpd in 2020.