Petrobras approves projects at mature fields in Bahia

6/2/2013

Petrobras approves projects at mature fields in Bahia

BY PAUL KIERNAN

RIO DE JANEIRO -- Petrobras said its board has approved "three large investment projects" to recover oil and gas output at mature fields in the 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 $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 Mbbl and 8.3 MMcmpd, respectively.

Dow Jones Newswires

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