* Overall 2013-2017 plan little changed from year ago
* Exploration and production spending to jump 4 pct
* Refining spending cut 1.1 pct, biofuels cut 24 percent
RIO DE JANEIRO, March 15 Brazil's
state-controlled oil company Petrobras released a $236.7 billion
five-year investment plan on Friday that increases spending for
exploration and production while reducing spending for refining,
distribution and biofuels
Planned 2013-2017 capital spending at the company, formally
known as Petroleo Brasileiro SA was virtually
unchanged from its $236.5 billion 2012-2016 plan announced last
year, the company said in a securities filing.
Spending on drilling, well construction, oil platforms and
other exploration and production efforts aimed at developing
giant new offshore reserves rose 4 percent to $147.5 billion or
62.3 percent of spending.
Meanwhile the company cut planned refining spending 1.1
percent to $64.8 billion, cut natural gas and energy projects 28
percent to $9.9 billion, while fuel distribution and biofuel
spending plans were cut by 11 percent and 24 percent,
The outlook for Petrobras Brazilian oil production in 2020
was unchanged at 5.2 million barrels a day.