Petrobras Plans US$2.25bn Investment Through 2010

Brazil's federal energy company Petrobras (NYSE: PBR) plans to invest US$2.25bn in Argentine activities from 2006-2010, Brazilian and Argentine newspapers reported, citing a report in Argentine newspaper La Nacion.

Petrobras Argentina general manager Alberto Guimaraes told the paper US$1bn would be for maintaining production at older fields, US$450mn towards exploration and US$800mn for operational spending.

"Our production will start to grow in 2007," he told the paper.

Petrobras aims to invest US$300mn in Argentina in 2006 including US$260mn for production and US$40mn for exploration, Reuters reported.

Neither Petrobras nor its Argentine subsidiary Petrobras Energia Participaciones were available for comment when contacted by BNamericas on Monday.

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