Courtesy of www.econmatters.com.
By EconMatters
Brazil, with 2.719 million b/d (barrels per day, as of 2010) oil production, is one of the larger non-OPEC oil sources, and ranked No. 9 in the world based on 2010 oil production data, according to the U.S Energy Dept.
To exploit the huge offshore oil discoveries in recent years, Petrobras (PBR) — Brazil’s state oil company–unveiled an ambitious investment plan last year–$225 billion for the years 2011 to 2015. In this world’s largest corporate investment program, about 57% or $128 billion will be invested in upstream exploration and production aiming at developing its large ‘pre-salt’ discoveries in deep and ultra-deep water south of Rio de Janeiro… Continue reading FREE at Seeking Alpha
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