Oil: Petrobas set to invest $3 bn in new oilfield

Local media reports that Brazil's state-controlled oil multinational company Petrobras, intends to invest US$ 2 billion to US$ 3 billion to begin prospecting in the giant deposit of Tupi, which has estimated recoverable reserves in the range of 5 to 8 billion barrels of crude and natural gas.

According to Petrobras CEO, José Sérgio Gabrielli de Azevedo, the initial investment will be destined to the purchase of a deep water prospecting rig, floating systems and other equipment necessary to advance the exploration pilot project.

In an interview with the daily O Estado de S. Paulo, Gabrielli said the corporation's target is to have the Tupi pilot project working by 2010, with an initial production in the range of 100.000 barrels per day.