AFP reported that Brazilian oil company Petrobras has unveiled a 5 year investment plan of USD 224.7 billion for the 2011-2015 period, up slightly from the previous 2010-2014 proposal.

As per report, the board of directors, presided over by Brazilian finance minister Mr Guido Mantega, approved the business plan after reportedly rejecting two previous proposals, as it called on the company to rein in spending.

The first two investment plans had been for USD 260 billion and USD 230 billion, before the board signed off on the projected outlays.

Petrobras in a statement said that the final proposal seeks to achieve a more efficient management of company assets and profitability.

It sets the goal for Brazil's oil and gas production for 2011 at 2.1 million barrels of oil per day and 434,000 barrels of gas, while estimating an increase in production in 2015 for up to 3.07 million barrels of oil per day and of 4.9 million barrels of oil per day by 2020.

In 201, the state oil company made a record net profit of USD 20 billion, a 17% increase from 2009 due to increased production and higher oil prices. Projections have also been raised due to recent discoveries of oil and natural gas claimed by Petrobras.

In June 2011, it said it had discovered up to 700 million barrels of oil and natural gas in the Gulf of Mexico, and would share the spoils with ExxonMobil.

At the time it called the oil fields one of the greatest discoveries in the Gulf of Mexico in the last decade and spurred interest in the company's capacity to grow after several years investing in deep water drilling technology. It received permission in March from the United States to begin deepwater oil and natural gas production in the Gulf of Mexico.

(Sourced from AFP)