Petrobras to boost international investment

Brazil's state-run oil company Petrobras will increase its planned international investments, International Director Nestor Cervero told.
The company now has earmarked international investments of $ 7 bn until 2007, but that amount is already "outdated," Cervero is quoted as saying.

The increase will come despite a possible axing of investments in neighbouring Bolivia after the country has hiked its combined tax and royalty rate to 50 % from 38 % previously, Cervero said.
Petrobras by 2010 wants to about double its oil and gas production outside Brazil to an average of 479,000 boe, a day from 276,000 boe now, Cervero had said in December.

The company director, who recently came back from a trip to China, also said that Petrobras has reaffirmed an agreement signed last year to cooperate with China's Petroleum and Chemical Corp., or Sinopec, in deep offshore exploration and other areas.
The cooperation deal was now also extended to the China National Petroleum Corporation, Cervero was quoted as saying.