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Brazil's Petrobras to invest $236.7 bn in 2013-2017

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(Globalpost/GlobalPost)

Rio de Janeiro, Mar 16 (EFE).- Brazilian state-controlled oil company Petrobras has unveiled its business plan for the 2013-2017 period, projecting investment outlays of $236.7 billion and maintaining its goal of raising crude-oil output from 2 million barrels per day 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 2012-2016 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.

http://www.globalpost.com/dispatch/news/agencia-efe/130316/brazils-petrobras-invest-2367-bn-2013-2017