Brazil’s oil and gas giant Petrobras has approved the company’s 2012-2016 Business Plan with investments totaling US$ 236.5bn (R$ 416.5bn) and averaging of US$ 47.3bn per year.
The 2012-2016 Business Plan is based on the integrated management of the Company’s project portfolio, with emphasis on:
• Recovering the production curve for oil and natural gas;
• Prioritizing oil and natural gas exploration & production projects in Brazil;
• Focusing on achieving and perfectly aligning of the physical and financial targets of each project; and
• Developing the company’s business opportunities while maintaining sound financial metrics.
Petrobras says on its website that $141.8 billion (60 per cent) of the funds approved will be spent on exploration and production.
Offshore Energy Today Staff, June 18, 2012