Petrobras May Boost Investment by 26% to Focus on Offshore Oil

Petroleo Brasileiro SA, Brazil’s state-run oil producer, aims to boost its spending plan by as much as 26 percent as it focuses on developing the Americas’ largest discovery in three decades and other offshore deposits. The company will announce a strategic plan in “coming months” that includes investments of about $200 billion to $220 billion in the five years through 2014, Chief Financial Officer Almir Barbassa said March 19. That compares with a previous 2009-2013 plan of $174.4 billion.