RIO DE JANEIRO - Brazil's government and state-run energy giant Petroleo Brasileiro, or Petrobras, launched a program Monday aimed at creating state-of-the-art technologies needed to develop recently discovered offshore oil fields.
The Brazilian National Development Bank and Finep, which funds research and development, will provide three billion Brazilian reais ($1.5 billion) in financing for Inova Petro through 2016, officials said during an event at Petrobras's headquarters.
Inova Petro aims to boost technology development needed for Petrobras to produce oil from the presalt region, a cluster of oil fields found more than four miles deep off the southeast coast of Brazil. The program was part of a series of accords and memorandums of understanding signed at the event that are geared to help support the oil and natural gas supply chain.
"We want to increase local content," said Finep President Glauco Arbix.
Brazil concession contracts require a certain percentage of goods and services used in oil exploration and production to be produced locally.
Copyright (c) 2013 Dow Jones & Company, Inc.
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