Petrobras to invest in Ecuador

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.

Looking for more projects or tenders?
Subscribe to our Project Preview Newsletter

Previous articleAvestaPolarit continues rolling at Degerfors
Next articleStainless FRLs keep it clean
Stainless Steel World is part of The KCI Media Group, a group of companies focused on building and sustaining global communities in the flow control industries. We publish news on a daily basis and connect business-to-business professionals through our online communities, publications, conferences and exhibitions.