Brazilian oil concern Petroleo Brasileiro SA (Petrobras) plans to invest USD 30 million in Ecuador by the end of the year. Dario Lamanna, a spokesman at Petrobras, said that the company has already invested USD 30 million so far this year. The company, he added, wanted to invest USD 10 million more than the total USD 60 million for 2003, but bureaucratic red tape held up that additional amount. The USD 10 million will now be worked into the 2004 investment plans. These involve block 31, where the company has oil exploration activities underway and plans to start production there at the end of 2004 with some 30,000 barrels barrels of oil day in initial projected output. Petrobras acquired that and other assets in the Andean nation when it completed the purchase of Argentina’s Perez Companc SA (PC) last month.
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