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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

Hapag-Lloyd Agrees on Merger Terms with UASC

German container shipping line Hapag Lloyd AG on Tuesday said it has reached an agreement on terms and conditions of a business combination agreement with Arab

New Port Academy Liverpool Unveiled at Grand Opening

LIVERPOOL City Region has launched a new  £2.5 million maritime training academy which it believes is the only one in the U.K. to create vitally needed skills and

Offshore

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators 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: 0.0933 sec (11 req/sec)