Brazil Oil Major To Invest In Santos Field

Brazil's state oil company Petrobras said Wednesday it together with its partners would invest about $18 billion over the next 10 years in natural gas and oil production development in the Santos basin.

Petrobras officials also said the offshore BS-500 block, the biggest of five planned production areas in the basin, should start pumping about 20 million cubic meters per day (mmcmd) of natural gas from 2010, and between 150,000 and 200,000 barrels per day (bpd) of crude.