Petrobras to invest $2 billion in oil exploration

Feb 25 2009 4:04PM

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The state-run oil firm of Brazil Petrobras is planning to invest $2 billion (£1.39 billion) in oil exploration in Nigeria, it has been reported.

Rudy Ferreira, managing director of the Petrobras subsidiary in Nigeria, told Reuters the investment will be made over the next five years, adding the firm hopes the new Akpo well in the country will be onstream by April 1st.

Nigeria is set to be second only to the Gulf of Mexico under Petrobras' foreign investment plans over the next five years, with a total of $15.7 billion to be spent worldwide.

Mr Ferreira said: "Nigeria is one of the most important areas outside of Brazil to Petrobras' investment plan."

The firm is now looking to find contractors to help develop a 20-kilometre oil field around the new Akpo well.

Petrobras recently signed a partnership deal with Unipec Asia, a subsidiary of China Petrochemical Corporation, to drive trade between the two nations.
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