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Petrobras says plans $236.7 bln in capital spending in 2013-2017
March 15, 2013 / 10:26 PM / in 5 years

Petrobras says plans $236.7 bln in capital spending in 2013-2017

RIO DE JANEIRO, March 15 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA on Friday kept its five-year capital spending plan virtually unchanged at $236.7 billion as it tries to speed up and streamline development of giant offshore oil resources.

The company, known as Petrobras, will spend $147.5 billion of the plan, part of the world’s largest corporate spending program, on oil and natural gas exploration, according to a note filed with Brazil’s securities regulator.

Petrobras’ previous 2012-2016 plan called for investments of $236.5 billion.

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