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Petrobras to Double its Capacity, Investing $87bn

Brazilian state oil company Petrobras has given more details on the

Brazilian state oil company Petrobras released ita plans regarding the $87bn investment programme.

The plans have a target of producing 4.5 million barrels of oil and gas a day by 2015.
Most of the money will be spent in Brazil, with $12.1bn spent overseas, on exploration and production in West Africa and the Gulf of Mexico and upping refinery capacity.

"We are intensifying exploration, almost doubling exploration to guarantee future growth," said Petrobras president Jose Sergio Gabrielli.

The company will double the capacity of its refinery in Pasadena, Texas, and is looking for new refineries in Asia, Europe and North America to maintain a balance between its ability to produce and process oil and gas.