Brazil’s Petrobras to Invest US$ 18 Billion to Produce Gas

    In the next ten years Petrobras will invest around US$ 18 billion on the expansion of natural gas production in the Santos Basin, according to the president of the Brazilian government-run oil giant, José Sérgio Gabrielli.

    "For this to occur, however, we will have to have ships available to locate various sounding rigs in the area. This is essential," Gabrielli emphasized, Monday, May 22, in a speech to entrepreneurs at the British Chamber of Commerce and Industry (BRITCHAM).

    According to the executive, the company is assuming that daily production in the Santos Basin will increase 1.5 million cubic meters by 2008, when production in the region is expected to make a quantum leap.

    Last week Petrobras announced that in two years it will increase daily natural gas supplies from domestic sources by 24.8 million cubic meters.

    The gas will be extracted from fields in Espí­rito Santo (16.7 million cubic meters), Rio de Janeiro (6 million), and São Paulo (1.5 million). The country’s current production of natural gas amounts to around 15 million cubic meters daily. With the growth in extraction, the country will attain self-sufficiency in gas supplies.

    According to Gabrielli, the new supplies will mainly be destined for the Southeast region. 70% of the gas currently consumed by states in the region, such as São Paulo, is imported from Bolivia, which earlier this month nationalized its reserves.

    Agência Brasil

    Tags:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Dollar up

    In Brazil While Foreign Investment Goes Down Dollar and Deficit Are Up

    Foreign direct investment (FDI) in Brazil was $25.949 billion in 2009, down 42.41%, compared ...

    Copersucar, Brazil

    Sugar Co-op Metamorphoses into Brazil’s Largest Sugar and Ethanol Producer

    The largest sugar and ethanol cooperative in Brazil, Copersucar (Cooperative of Sugarcane, Sugar and ...

    Brazil’s Zero Hunger International Gets Wide Backing

    Brazil’s special presidential advisor and coordinator of the Zero Hunger Program, Brother Betto, affirmed ...

    For Many Brazilian Intellectuals There Is no Salvation Outside Marxism

    For a constitutional democracy to become a reality in practice, not just in theory, ...

    Conquering the Middle East and Africa with Brazilian Sugar and Spice

    To guarantee the opening of markets in the Middle East and North Africa, group ...

    Biofach Latin America

    Brazil’s Biofach Shows the Country’s Organic Sector Clout

    In Brazil, the organic product sector has become a growing market, expanding above the ...

    Brazil Launches Its First Bio Insecticide

    Brazil’s  Embrapa Genetic Resources and Biotechnology and the Bthek Biotechnology Company are launching today ...

    Brazil's Júlio César and David Luiz

    A Soccer Fable: The Day the World Found Out Brazil Has No Clothes

    The other day at work someone asked me, “Hey, Joe, who’s it going to ...

    Building to be built in Brazil

    The Ropes on Buying and Selling Real Estate in Brazil Taught by a Pro

    Aline Lisboa is a fully qualified surveyor and valuation engineer with several years experience ...

    Brazil Celebrating 30% Exports Growth

    The growth in Brazilian exports in 2004, over 30%, was viewed as “very positive” ...