Brazilian state-controlled oil major Petrobras will earmark more money for exploration and production in its five-year investment plan.
The Rio de Janeiro-based company approved a $224.7 billion investment programme for the 2011-2015 period that showed significant changes in its composition but totalled little more than the $224 billion plan for the 2010-2014 period, according to a securities filing, Reuters reported.
The investment plan, currently the largest in the oil industry globally, aims to help Petrobras tap some of the world's largest deep-sea oil deposits and more than double production by the end of the decade to about 6.42 million barrels per day.
The company will invest the equivalent of 57% of total capital expenditures in extracting oil, compared with 53% in the previous plan, the filing said.
Refining, transport and sales activities will account for 31% of total investment, compared with 33% previously.
Published : July 26, 2011