Petrobras to Increase Equipment Spending

Tuesday, August 01, 2006
Petroleo Brasileiro SA, Brazil's state-run oil company, will double its spending on drilling equipment to$7b this year, ahead of possible price hikes in an overheated international market, the Houston Chronicle reported. Petroleo Brasileiro SA also said it would offer details on its plans to invest $22.1b from 2007 through 2011 to develop new sources of natural gas amid rising domestic demand and a move by its largest supplier to hike prices. Petroleo Brasileiro SA also confirmed reports that the company will build a new refinery capable of processing 500,000 barrels of oil a day by 2014. Construction will likely begin in 2010, but the refinery's location has yet to be selected. Petrobras, which has 11 refineries in Brazil, invested earlier this year in a facility in the United States and is looking to purchase more abroad. Petrobras on July 31 also signed contracts with four Brazilian engineering companies that will build and operate six offshore oil-drilling platforms. The company plans to lease the platforms beginning in 2009 at a cost of $4.8b. Petrobras currently leases 23 offshore platforms and operates four of its own. Brazil produces about 1.8 million barrels a day of crude oil, more than 80 percent of it from offshore fields. (Source: Houston Chronicle)
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SAAM SMIT Towage Orders Damen ASD Tug

SAAM SMIT Towage, a joint venture between SAAM S.A. of Chile and Dutch company Royal Boskalis Westminster N.V., has signed a contract for the purchase of a Damen Tug 2913 for delivery in early 2016,

Scandinavian Bunkering Names Vinde Managing Director

Marine fuel supplier Scandinavian Bunkering A/S announced today that Erik Vinde has been appointed as Managing Director, effective from August 1.   Vinde joined Scandinavian Bunkering in 2006,

NSSLGlobal Trials Wi-Fi with British Royal Navy

Satellite communications provider NSSLGlobal announced the trial of its Wi-Fi service across selected British Royal Navy and Royal Fleet Auxiliary ships. The service,


USCG, RCAF to Conduct Joint Training

The crew of Coast Guard Air Station Traverse City is hosting an international joint search-and-rescue exercise with members of the Royal Canadian Air Force beginning

Ocean Installer in BP frame deal

Ocean Installer has been awarded a Regional Framework Agreement with BP for subsea work in the Gulf of Mexico region.   The agreement covers subsea fabrication,

Ulstein Debuts DP Construction Vessel

With the ULSTEIN S182 design, ULSTEIN introduces a new dynamically positioned multipurpose construction vessel suitable for shallow water operations. Main design

Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1935 sec (5 req/sec)