Brazil's Petrobras to invest $237 B through 2016
{{#rendered}} {{/rendered}}Brazil's state-controlled oil company Petrobras says it'll invest $237 billion worldwide through 2016.
The investment amount was spelled out in the company's latest five-year business plan released Monday.
The bulk of those investments will be made in exploration and production, with the company planning to invest $44 billion alone in the so-called "pre-salt" oil fields located off Brazil's southeastern coast. It was one of the globe's biggest oil finds over the past 30 years, holding an estimated 50 billion barrels.
{{#rendered}} {{/rendered}}Petrobras has projected it'll see total production of 2.5 million barrels per day in 2016. In last year's plan, the company forecast 3 million barrels per day by 2015.
Recently appointed CEO Maria das Gracas Silva Foster says the latest five-year plan is more realistic about production than previous plans.