This follows the discovery of up to 100 Bbbl of oil and gas in the Brazilian subsalt areas offshore. Petrobras plans to commercialise the resource in the approximately 200,000 sq km Santos Basin over the next 10-20 years by constructing a network of production platforms, offshore storage facilities and pipelines.
Approximately $US5 billion it to be used for general company operations including offshore. The remainder is to be used for a refinery project, with approximately $US3 billion to go toward expanding the gas distribution system to handle new production from subsalt reservoirs.