Petrobras to Pump $70M to Up X Block Output

Brazil's federal energy company Petrobras (NYSE: PBR) this year plans to invest US$70 million to increase light crude output at block X in Peru's Piura department, operations manager Ricardo Martinez said. The aim is to increase production to 14,500b/d from 13,100b/d, government newspaper El Peruano quoted Martinez as saying.

The bulk of investment will go to drill 103 development wells, Martinez said. Petrobras last year pumped US$58 million into block X.

In Peru, Petrobras also operates block 58 in Cusco department, block 110 in Ucayali and blocks 112 and 117 in Loreto. The company also operates blocks 57 and 103 with Spain's Repsol YPF (NYSE: REP) and US oil firm Occidental (NYSE: OXY), respectively.

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