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UPDATE 1-Petrobras $237 bln plan boosts spending on oil output
March 15, 2013 / 11:16 PM / in 5 years

UPDATE 1-Petrobras $237 bln plan boosts spending on oil output

* 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 (Reuters) - 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, respectively.

The outlook for Petrobras Brazilian oil production in 2020 was unchanged at 5.2 million barrels a day.

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