Brazil to invest $5B in deep water oil finds
RIO DE JANEIRO, Brazil (AP) -- Brazil on Monday announced plans to spend at least $5 billion to develop deep water oil finds, building new ships and hiring rigs as soaring world fuel prices boost demand for drilling equipment.
State-run oil company Petroleo Brasileiro SA, or Petrobras, will spend $5 billion to build 146 ships and plans to hire 40 deep-water drilling rigs and platforms, President Luiz Inacio Lula da Silva told shipbuilders in Niteroi, a harbor town near Rio de Janeiro's coast. Analysts said the additional equipment could cost an extra $15 billion |
