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Oil and gas sector in Brazil to receive US$ 199 billion
Agência Brasil
RIO
Petroleumworld.com 09 13 06
The oil and gas sector of Brazil should receive investment of US$ 199 billion over the next five years, according to the president of the Brazilian Institute of Oil and Gas (IPB), João Carlos de Luca. The head of IPB spoke yesterday (11) during the opening ceremony of the 13th edition of Rio Oil & Gas Expo and Conference, the greatest conference in the sector in Latin America, which takes place in Rio de Janeiro.According to Luca, of the total invested, US$ 75 billion will come from Brazilian oil giant Petrobras, and the rest will be invested by other private companies in the sector. He pointed out, however, that for there to be growth in the oil productive chain in the country, it is necessary for challenges, like the lack of specialized labour and of equipment, which are global difficulties, to be overcome. The meeting about oil is taking place at Riocentro exhibition centre and will end on Wednesday (13).
Over the three days of Rio Oil & Gas, 30,000 visitors and 800 exhibitors from 14 countries are expected. Among the exhibitors are great companies in the sector, like Petrobras and Shell, and small sector suppliers. During the exhibition, business roundtables will be promoted between 200 small and large companies in the business. The fair was opened by Mines and Energy minister Silas Rondeau, and by Petrobras president José Sérgio Gabrieli.
Petrobras is investing in exploration and production of gas and oil in Brazil and abroad. The company is also starting to invest in export of excess produce, as this year Brazil became self-sufficient in oil.
Yesterday Petrobras announced a US$ 200 million contract to export 550,000 tonnes of fuel oil to the state-owned energy company of Cyprus. The announcement was made by the Supply director at Petrobras, Paulo Roberto Costa, during the opening of Rio Oil & Gas Expo and Conference.
According to the executive, the contract signed last Friday forecasts the supply of the fuel for one year starting in October. "This is not the first long-term contract, but it is important because a partnership was established with a European country," he said. The main theme of the conference in Rio de Janeiro is Brazilian self-sufficiency in oil and current opportunities and challenges for the sector.
*Translated by Mark Ament
Agência Brasil 12 09 06
Copyright ©2006 Agência Brasil. All Rights Reserved.
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