Brazil’s Petrobras Announces Multi-Billion Dollar Investment Plan

The state-owned oil and gas producer, Petrobras of Brazil announced it’s aggressive investment plan of $224 Billion by Y 2014. This new figure is a 20% increase from the US$174.4B set for the 2009-13 year.

95% of the funds will be invested in Brazil, $212.3B, the remaining will be invested in projects abroad. The majority of the investment will be allocated towards the exploration and production sector, close to 53% for a total of US$118.8B.