Petrobras CEO: Oil Firm to Freeze Foreign Investments

Petrobras' Chief Executive Officer, Jose Gabrielli said Thursday that Petrobras will freeze overseas investments as the state-run oil firm zeroes in on developing recently discovered offshore oil reserves.

Citing Gabrielli during a presentation in Paris, Brazil's Estado news agency reported that Petrobras will maintain its $174.4 billion strategic plan for 2009-2013, but would freeze international investments "because the volume of opportunities in Brazil is so large."

According to Petrobras' strategic investment plan announced in January, the company will invest $15.9 billion for international operations, singling out $12.6 billion for exploration and production.

By 2013, Petrobras sees its international output rising to 341,000 barrels of oil equivalent. As of August 2009, Petrobras pumped 146,900 barrels of crude oil and 14.8 million cubic meters of natural gas outside of Brazil.