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Petrobras To Develop 96 New Oil Fields

Brazil's state owned oil company Petrobras will invest $732 million in 96 potential new oil fields,

Brazil's state owned oil company Petrobras will invest $732 million in 96 potential new oil fields, whose development rights it has won in the seventh round of territory auctions, the company said on Friday.

Guilherme Estrella, production director for Petrobras, said 55 percent of the fields could probably be good producers of natural gas, a priority product for the company.

"Current exploration techniques demand substantial investment, due to the use of state-of-the-art technologies and ever-greater economic risks. So we decided to work with other companies, wherever possible." Estrella said.

Petrobras also disclosed it has signed a memorandum of understanding with its Argentine counterpart, Enarsa, to explore oil fields on the sea.