Brazil’s oil industry to receive $ 20 bn in investment through 2007

Dec 26, 2003 01:00 AM

Brazil's oil industry will receive about $ 20 bn in investment through 2007, citing an estimate by the National Petroleum Agency. That represents an increase of $ 5.1 bn over the investment the agency had estimated for the 2002-2006 period.
The increase reflects in part the completion of the sale of new oil-exploration rights this year.

State-controlled oil company Petroleo Brasileiro will account for the bulk of the estimated investment, Estado said, without providing figures.
It plans to spend $ 600 mm a year on exploration and production, Estado said, citing company official Guilherme Estrella.

Source: Bloomberg
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