Petrobras Plans Gas Expansion

Brazil’s state-owned oil company Petrobras says it will invest $18 billion over the next 10 years to explore and expand domestic natural gas production, in particular in the offshore Santos Basin. The plans are in line with government efforts to meet growing energy demands and cut reliance on imported natural gas. Brazil’s largest current supplier is neighboring Bolivia, which provides around half of the country’s daily demands. Meanwhile, Petrobras has signed an agreement with iron-ore producer Cia. Vale do Rio Doce (CVRD) to look at the feasibility of natural gas exploration and electricity production in Mozambique.