Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR) revised downward its investment plan for the 2011-2014 period, the company said late Monday in a statement.
Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR)
revised downward its investment plan for the 2011-2014 period, the company said
late Monday in a statement.
Petrobras now expects to invest up to 250 billion Brazilian reals ($138.8
billion) in its operations through 2014, down from BRL265 billion announced
earlier this month. The investment plan was approved by the company's board.
The company didn't unveil the reason for the downward revision.
For the post-2014 period, Petrobras said it approved a set of projects for a
total investment of about BRL462 billion. Part of the investments represent the
development of projects that already are included in the 2010-2014 portfolio
but have maturity time longer than the five-year business plan.
The company, which based the figure on a preliminary view, said this is in line
with its vision for 2020.
About 61.5% of Petrobras' 2011-2014 investment budget will be focused on
exploration and production.
"In the Exploration and Production (E&P) area, the investments aim to
increase oil and natural gas production, taking advantage of the success that
was achieved in the post- and pre-salt and also the exploratory activities. The
E&P project portfolio includes the construction of production platforms and
drilling rigs, support vessels, and investments in infrastructure for
transportation," Petrobras said.
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