Brazil launches program to boost oil technology

Submitted by Charlotte Owen on 14th August 2012

14th August 2012

Brazilian state-run oil company Petrobras is hoping to boost technological R&D in a bid to further exploit the country’s oil-rich pre-salt basin, it emerged this week.

Drilling through the rock and salt oil from Brazil's pre-salt basin, found more than four miles deep off Brazil's southeast coast, is very expensive

Brazilian oil giant Petrobras has launched a multi-billion dollar program aimed at creating state-of-the-art technologies needed to develop recently discovered offshore pre-salt oil fields.

The Brazilian National Development Bank and Finep, which funds research and development, will provide three billion Brazilian reais (US 1.5 billion) in financing for Inova Petro through 2016, officials said during an event at Petrobras's headquarters on Monday.

Inova Petro aims to boost technology development needed for state-run Petrobras to produce oil from the pre-salt region. The program was part of a series of accords and memorandums of understanding signed at the event that are geared to help support the oil and natural gas supply chain.

"We want to increase local content," said Finep President Glauco Arbix.

Brazil concession contracts require a certain percentage of goods and services used in oil exploration and production to be produced locally.

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