Petrobras Plans Higher Upstream Spend
News: Brazilian state-run energy company Petroleo Brasileiro (Petrobras) is planning a 4% increase in budget for its upstream unit in its 2014-2018 business plan, which was unveiled in the week starting February 24. The company plans to spend US$153.9bn on exploration and production projects in its five-year plan, with 40% set aside for pre-salt and 60% for post-salt projects. The overall business plan calls for US$220.6bn in investment, down from US$236.7bn in the 2013-2017 business plan. This comes on the back of CEO Maria das Gracas Foster's emphasis on cost control, efficiency and execution amid a massive pre-salt production ramp-up and deployment of offshore production units.