Petrobras bails out of Venezuela gas investment

13 November 2007 23:09  [Source: ICIS news]

HOUSTON (ICIS news)--Brazilian state-run Petrobras has pulled the plug on plans to invest in natural gas production with Venezuelan state-run PDVSA, according to a Brazilian official state media report on Tuesday.

President Jose Sergio Gabrielli of Petrobras had been reported earlier in the day by international media to have said in Rome at the World Energy Congress that the company had abandoned plans to invest in natural gas exploration and production in the Mariscal Sucre field of Venezuela, citing strategic differences.

Those differences are understood to be that Petrobras preferred to export the gas as LNG whereas PDVSA preferred to use it domestically, Agencia Brasil reported.

Petrobras and PDVSA are also partners in a planned project to build a refinery in the state of Pernambuco, Brazil.

By: John Waggoner
+1 713 525 2653

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