Petrobras plans through 2012

Petrobras has published its business plan for 2008-2012, establishing production targets for oil and gas in Brazil.

Offshore staff

RIO DE JANEIRO, Brazil -- Petrobras has published its business plan for 2008-2012, establishing production targets for oil and gas in Brazil. The company expects to produce 3,058,000 boe/d in 2012 and 3,455,000 boe/d in 2015.

Petrobras aims to maintain a balance between growth in production and Brazilian refinery capacity. The target for domestic processed crude throughput in 2012 is being set at 2,061,000 b/d of oil with a 90% participation of domestic crude.

International targets also reflect the company's integrated growth, with production estimates of 436,000 boe/d of oil and gas in 2012 and processed crude throughput in Petrobras' refineries in other countries amounting to 348,000 b/d.

Petrobras' total estimated output (including domestic and overseas) by 2012 has been revised to 3,494,000 b/d. The target for 2015 is set at 4,153,000 boe/d.

The integration process has also been extended to petrochemicals where the company is
estimating expansion in operations in Brazil and Latin America. The plan calls for investments of $112.4 billion until 2012, representing an annual average of $22.5 billion, 87% in Brazil and 13% overseas. This represents an increase of 29% compared with the previous plan.

The highlights of the investments in Brazil are represented by growth in E&P, an increase of 32%, an increase of 35% in downstream activities, and 30% in petrochemicals. The plan also places an emphasis on biofuels, which will receive an investment of $1.5 billion.

Investments in international operations will focus largely on the area of E&P, particularly in Latin America, West Africa, and the Gulf of Mexico, Petrobras says.

8/14/2007

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