Oil companies plant to invest $85.3 billion in Brazilian exploration projects in the next four years, the country's BNDES development bank said. And up to 25% of the new funds, or $21.3 billion, will come from domestic and foreign private oil companies, rather than homegrown giant Petrobras, EFE News reported the O Globo newspaper as saying yesterday.
Petrobras enjoyed a monopoly on oil exploration and production in Brazil until 1998.
The newspaper said 56 companies aside from Petrobras were working in Brazil, according to BRazil's regulatory agency.
Petrobras said last month that 19 new oil and gas fields had been found to be commercially viable in Brazil, with reserves of up to 2.1 billion barrels equivalent. (Upstreamonline).
00:09 GMT, 09 January 2007 last updated: 00:09 GMT, 09 January 2007
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