RIO DE JANEIRO -- Brazil's state-run oil and gas giant Petrobras is estimated to invest 163 billion U.S. dollars in the next five years, according to a report released by Credit Suisse on Thursday.
The 16-page report said the company is expected to invest 50.6 billion more dollars to exploit pre-salt layer oil fields, build new refineries and to cover extra costs, which represents a 45 percent hike from the 112.4 billion dollars proposed in the current 2008-2012 plan.
The report also said that even if oil can sell at 80 dollars a barrel, Petrobras' cash flow will still not be enough to meet the investment demand, and the company may need an extra funding of at least 30 billion dollars.
Petrobras' new investment plan, which should have been announced in September, is now scheduled to be unveiled in early December, to give the company time to analyze the influence of the international financial crisis.
The 16-page report said the company is expected to invest 50.6 billion more dollars to exploit pre-salt layer oil fields, build new refineries and to cover extra costs, which represents a 45 percent hike from the 112.4 billion dollars proposed in the current 2008-2012 plan.
The report also said that even if oil can sell at 80 dollars a barrel, Petrobras' cash flow will still not be enough to meet the investment demand, and the company may need an extra funding of at least 30 billion dollars.
Petrobras' new investment plan, which should have been announced in September, is now scheduled to be unveiled in early December, to give the company time to analyze the influence of the international financial crisis.
