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    Your email address will not be published.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

    Brazil’s 2006 Account Surplus Reaches US$ 2.5 Bi, 37% Less Than Last Year

    Brazil’s foreign accounts continue on the upswing, and the country’s balance of payments, which ...

    With 7 Million Kids on the Streets Brazil Finds Final Solution

    Brazilians are bound by law to ensure certain basic rights for their children. Article ...

    The Bitter Sugar Pill US and EU Give Brazil

    By some measures, these would seem like sweet times for the sugar industry. The ...

    State News Agencies from Brazil and Portugal Sign Cooperation Accord

    Radiobrás and the Lusa Agency, from Portugal, have drawn closer. A cooperation agreement was ...

    Computer center at Unesp, Brazil

    Brazil’s UNESP Gets LatAm’s Most Powerful Computer Network

    Brazil's UNESP (São Paulo State University) will be installing in the coming weeks its ...

    Brazil’s Domestic Market Picks Up Strength

    Job openings in the Brazilian industry increased 0.88% in August, in comparison with July, ...

    Bolivian president Evo Morales

    Separatism Won’t Be Tolerated in Bolivia, Warn Brazil and Argentina

    The Brazilian and Argentinean governments reaffirmed their full support to Bolivia's president Evo Morales ...

    Brazil’s Export Boom Turning to Bust, Warns Industry Federation

    Brazil’s main manufacturing organization warned that in the coming three years the country’s strong ...

    Brazil’s Benefit of Costlier Oil: More Sales to Arabs

    The price of the WTI (West Texas Intermediate crude, a type of oil used ...