Petrobras Unveils US$224.7B Investment Plan

By Patricia Maresch, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Late last week Petrobras announced a long-awaited five-year investment plan of US$224.7 billion for the period between 2011-2015. The company thinks it can nearly triple its production, from around 2 million barrels per day to 6 million by 2020. Brazil's government is Petrobras' main shareholder, directly owning 54 percent, and it was Finance Minister Guido Mantega who had rejected the company's first two investment plans.

Mantega . . .

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