Brazil’s Petrobras delays business plan disclosure
October 19, 2008 - 0:0
RIO DE JANEIRO (Reuters) - Brazil’s oil giant Petrobras on Friday postponed the disclosure of its new business plan for the end of the year so that it could evaluate the impact of the global financial crisis.
The business plan for 2009-2012 was scheduled to be disclosed this month, with details on investments for the exploration of sub-salt oil reserves.Petrobras last November announced a stunning find of 5 billion to 8 billion barrels of recoverable light crude in its Tupi offshore field in the Santos basin, the largest deep-water find in history.
Petrobras Chief Executive Jose Sergio Gabrielli said in September the global market crisis could make it more difficult for the company to fund its ambitious plans to tap vast deep-water oil reserves.
The Brazilian government’s monetary council said in late September it had increased the amount of money the state development bank can lend to Petrobras.
---------------- Petrobras has record oil production in Brazil in Sept
Brazilian oil giant Petrobras said on Friday it had produced record amounts of average oil in Brazil last month.
The average volume for September was 1.897 million barrels a day, up 1 percent compared to August and up 7.3 percent compared to September 2007.