Petrobras' board of directors has approved a revised investment plan that calls for an investment of $34.3 billion for the period 2003-2007. Adjustments were made to its previous plan to take into consideration the volatility on foreign exchange and oil markets, as well as changes in the global and political outlook, all of which could impact the company's ability to finance its business plan. The company had previously expected to spend $20 billion in the 2003-2005 period. Under the new plan , this year the company would invest $7.2 billion, including $3.8 billion in oil exploration and production. That was above the $6.1 billion announced last month as planned potential investment for this year, and up from $6.7 billion invested last year, which included the $1.1 billion purchase of Argentina's energy firm Perez Companc. Up to 2007, Petrobras will invest $18 billion in exploration and production, $7.6 billion in oil and fuel supplies and $5.1 billion in overseas operations.