• Categories
  • Archives

Brazil to Invest US$ 18 Bi in Gas and More than Double Production

Gas production in Brazil

Gas production in Brazil Brazil's state-controlled oil company Petrobras is planning to invest US$ 18 billion in the gas sector over the next four years. Most of the investment should take place in 2008. With this, the gas production that totaled 27.5 million cubic meters last year should reach 70 million cubic meters by 2011.

This announcement was made yesterday by Petrobras president José Sérgio Gabrielli, during the seminar Natural Gas: Regulator and Investment Attraction, promoted by the National Confederation of Industries (CNI), in Brazilian capital Brasí­lia.

"We will expand the grid of gas pipelines to 8,500 kilometers by 2010," stated Gabrielli, adding that the investment is part of the Plan for Anticipation of Gas Production (Plangás), being developed in partnership with the federal government to expand production of natural gas in Brazil.

The president pointed out, however, that the Brazilian autonomy depends on heavy investment. "The gas industry requires great investment. It is not possible to consider the production chain without great investment and long-term return," he said.

Brazilian oil company Petrobras and Algerian state-owned Sonatrach, signed at the end of May a memorandum of understanding. The document forecasts the study, among other projects, of cooperation for the Brazilian import of liquefied natural gas (LNG).

Sonatrach is the largest oil company on the African continent and the 12th largest in the world, according to Petroleum Intelligence Weekly (PIW). Algerian gas, according to the Petrobras statement, would be used in terminals that the company is implementing in Pecém Port, in the northeastern Brazilian state of Ceará, and in Guanabara Bay, in the southeastern Rio de Janeiro.

The agreement, signed in Algeria, also forecasts studies in the area of exploration and production on onshore, and especially offshore, blocks in Brazil, Algeria and in some countries of common interest. Petrobras and Sonatrach also established a Master Agreement contract for the GNL supply, with general clauses that establish the guidelines for both countries for a possible future sale and purchase of LNG.

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Your email address will not be published.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

A Brazilian Voice in Fiction

Brazilian-born Anna K. Andrade, a resident of New York is one of the contributors ...

Brazil’s GDP Grows 4.2% in First Half

Brazil’s first semester GDP growth closed out up 4.2%, compared to the first half in ...

Thousands of Brazilian Farmers Might Be Expelled from Bolivia

"Illegal squatters, people living on land they do not have title deeds for, whether ...

Toyota Cites Brazil as Example to Be Copied in the US

 Jim Press, president of Toyota Motor North America, today said that despite recent headlines, ...

Brazil Opposition Torpedoes Plans for US$ 300 Million AeroDilma

The opposition in Brazil has criticized the purchase of a new presidential aircraft for ...

Haiti Needs to Be Rebuilt from the Ground Up, Says Brazilian Professor

As the February 7 date for general elections in Haiti approaches, various preelection situation ...

Friends sharing a Brazilian caipirinha

Brazil, Its Food and Drinks, Are All Acquired Tastes

Before arriving in Brazil I was given a cookbook on Brazil’s cuisine from my ...

Hugo Chavez Finds Out He Has Few Friends in Brazil’s Senate

Brazilian senators postponed on Wednesday until next Tuesday the vote on Venezuela's incorporation to ...

Brazilian First Lady Marcela Temer and her husband - Beto Barata/PR

Brazil President Celebrates Women’s Day Reminding a Lady’s Place Is in the Kitchen and the Supermarket

Brazilian President Michel Temer delivered a speech Wednesday at his presidential palace in Brazilian ...