LOS ANGELES, Mar. 19 – The Colombian subsidiary of Brazil’s Petroleo Brazileiro SA plans to invest to $400 million in the South American country during the next 3 years, a senior company official said.
“All our business plans for the 2010-2014 period have yet to be announced ... but as far as the business plans for the 2009-2013 period, our investment budget amounts to roughly $400 million," said Abilio Paulo Pinheiro Ramons, head of Petrobras Colombia Ltd.
Even though Petrobras restricted overseas investments to ensure greater cash flow for domestic projects, Pinheiro Ramons told Colombian business daily Portafolio that the firm’s 4-year exploration and production plan for Colombia would proceed as planned.
Earlier this month, Petrobras Colombia Ltd. discovered oil on the Balay exploration block in Colombia’s Llanos basin. Petrobras Colombia Ltd holds a 45% stake in the Balay exploration project, while Cepcolsa holds 30%, Sorgenia E&P Colombia BV 10%, and Petroamerica Oil Corp 15%.
2010-03-19
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