Petrobras to invest $ 1 bn in Nigeria

Oct 11, 2005 02:00 AM

Brazil's state-run oil and gas giant, Petrobras, plans to invest more than $ 1 bn in Nigeria's upstream oil sector, company boss Samir Awad was quoted as saying. Awad reportedly said in Johannesburg, South Africa, that the amount would be invested over the next three years.
"We have so far spent over $ 500 mm in exploration and production activities in Nigeria, and we have over $ 1 bn left to invest until we get the first oil from our share of production from the Agbami and Akpo oil fields (in Nigeria's oil-producing Niger Delta region)," the Petrobras Managing Director said.

Awad said Petrobras had 237 mm barrels of proven reserve in its five blocks portfolios in the Niger Delta deep-water region, representing 13 % of the company's total foreign reserve and the company's fourth largest reserve.
In a joint bid with the Norwegian oil company Statoil and Nigeria's Ask Petroleum, Petrobras in August won another block in Nigeria's 2005 oil bid round.

Source: news.africast.com
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