Petroleo Brasileiro approves $236.7 billion five-year plan

Boston, MA 03/18/2013 (wallstreetpr) – Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) a Brazilian oil company which aims to be among the top five integrated energy companies in the world by 2020, said that the company’s board has approved the 2013-2017 Business & Management Plan (2013-17 BP), with investments of $236.7 billion.

Petrobras’ exploration and production spending has been increased 4% to $147.5 billion for the five years through 2017. The Company reduces refining investments $700 million to $65.5 billion as it plans to complete the Abreu e Lima refinery and other projects in 2016.

Compared with the 2012-2016 plans, the Company raised the total investments by 0.5% to $236.7 billion. As per the 2013-17 BP program, Petrobras said it plans to more than double oil and natural gas output in Brazil to 5.2 million barrels a day in 2020.

The resources necessary to finance projects under implementation will come from operating cash flow generation ($164.7 billion), use of surplus cash ($10.7 billion), divestment and financial restructuring ($9.9 billion) and debt ($61.3 billion gross, $21.4 billion net).

The state-owned oil company reported a 39% increase in net income for the fourth quarter of 2012. After achieving the production target for 2012 the company revised the target updards to 1,980,000 barrels a day of oil and LNG in Brazil. Total oil and natural gas production topped-out peaked at 2,598,000 barrels of oil which is equivalent per day of production.

Shares of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) were down by 0.51% and currently trading at $17.73

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Published by Lisa Ray

Lisa has a Bachelor of Arts in journalism from Purdue University and 3 years of experience in the publishing field.