Bloomberg News

Petrobras CEO Says 95% of Upstream Investment Will Be in Brazil

November 02, 2011

Nov. 1 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil company, will channel 95 percent of its energy exploration investments to develop fields at home, Chief Executive Officer Jose Sergio Gabrielli said at a media briefing in Singapore today. The company known as Petrobras needs 65 drilling rigs from “now till 2020,” he said.

Petrobras is in “no rush” to divest its stake in a refinery in Okinawa, Japan, and still has 2 1/2 years to make a decision, he said. The company is exploring for natural gas in Australia and New Zealand and will spend a “small” amount on that, Gabrielli said. It has no plans to invest in China, where Petrobras has a term contract with China Petroleum and Chemical Corp., he said.

To contact the reporter on this story: Yee Kai Pin in Singapore at

To contact the editor responsible for this story: Amit Prakash at

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