Petrobras to Invest R$97.7 Billion in 2013

By Maria Lopez Conde, Contributing Reporter

RIO DE JANEIRO, BRAZIL – Brazilian state-controlled oil and gas giant Petrobras has said it will keep its promise to invest R$97.7 billion (US$48 billion) in petroleum and natural gas exploration and production in the country this year, affirmed its financial director, Almir Barbassa, at the company’s first trimester results presentation this week. The announcement comes amid the firm's continued production slowdown and profit losses.

In January, the company's president, Maria das Graças Silva Foster, had said that the firm, officially known as Subscribe to our Premium Membership Plan. Already Subscribed?