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UPDATE 2-Petrobras puts Santos basin investment at $18 bln
Wed Jan 11, 2006 3:16 PM ET
By Cesar Bianconi
SANTOS, Brazil, Jan 11 (Reuters) - Brazil's state oil company, Petrobras <PETR4.SA><PBR.N>, said Wednesday it will invest, along
with its partners, about $18 billion over the next 10 years in natural gas and oil production development in the Santos basin.
Petrobras officials also said the offshore BS-500 block, the biggest of five planned production areas in the basin, should start pumping about
20 million cubic meters per day (mmcmd) of natural gas
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Petrobras to Invest $18 Bln in SantosBasin Expansion (Update3)
Jan. 11 (Bloomberg) -- PetroleoBrasileiro SA, Brazil's state- controlled oil company, said it will lead an $18 billion effort
to expand oil and gas production, seeking to increase power generation and cut dependence on foreign natural gas.
Petrobras and partners including Exxon Mobile Corp. expect by 2011 to produce 30 million cubic meters (1.06 billion cubic
feet) of gas
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10-Year Plan
Petrobras expects the investment plan to help it produce as much as 45 million cubic meters of gas a day from its
Merluza, Mexilhao and BS-500 fields and another 3 million cubic meters a day from fields it is developing in the district's southern and central reaches, the company said.
BS-500 alone is expected to produce as much as 20 million cubic meters a day
The $18 billion plan announced today is a mixture of new and old money. Petrobras is responsible for two-thirds, or
$12 billion, of the plan and partners such as Exxon Mobile, Royal Dutch Shell Plc., BG Group Plc., Amerada Hess Corp andRepsol YPF SA,
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