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Petrobras Approves Projects at Mature Fields in Bahia

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RIO DE JANEIRO - State-run oil company Petroleo Brasileiro, or Petrobras, said Friday its board has approved "three large investment projects" to recover oil and gas output at mature fields in the northeastern state of Bahia.

The projects involve expanding Petrobras' installations in the region, drilling 26 new wells and making 227 upgrades to existing wells. Petrobras said the efforts will be quick to generate cash.

The company plans to spend around 3.2 billion Brazilian reais ($1.503 billion) in investments and operational costs in Bahia between 2013 and 2017. Its goal is to maintain the state's oil and natural gas production stable at around 50,000 barrels and 8.3 million cubic meters per day, respectively.

Copyright (c) 2012 Dow Jones & Company, Inc.

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