Feb. 13 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, is maintaining plans to more than double oil production by 2020 as it pursues the biggest spending plan in the oil industry.

Petrobras, as the Rio de Janeiro-based company is known, doesn’t plan to boost spending as it revises its $224.7 billion, five-year investment plan, Maria das Gracas Foster said at a press conference today as she took over as the company’s chief executive officer in a swearing-in ceremony.

“Production targets are a priority for Petrobras,” Foster said. “Increasing investments is not the plan.”

Petrobras plans to more than double oil and natural-gas output to the equivalent of 6.4 million barrels a day by 2020, which would make Brazil the second-largest producer in the Americas behind the U.S. The company is developing the largest discoveries in the Americas in over three decades that sit in deep waters of the Atlantic Ocean.

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--Editors: Charles Siler, Tina Davis

To contact the reporter on this story: Peter Millard in Rio de Janeiro at Pmillard1@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net