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Brazil launches program to boost oil technology

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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