This excerpt taken from the PBR 6-K filed Jan 19, 2007.
The Board of Directors approves changes to Petrobras Systems
(Rio de Janeiro, January 19, 2007). - PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces its Board of Directors has approved the update of Petrobras Systems Annual Business Plan for 2007.
The Budget Plan detailing process, to formulate the 2007 Annual Business Plan, pointed to the need to adjust the budget by incorporating: New project inclusions, priority project anticipation, and changes in scope, cost adjustments and updates to more current accounting practices.
This update resulted in a R$ 7,542 million addition to the budget, topping out at a total investment of R$ 54,998 million for 2007 (up from the previous estimate of R$ 47,456 million).
This R$ 7,542 million budget increase seeks to prioritize and optimize the companys project portfolio in order to update and adapt the goals set forth by the 2007-2011 Business Plan. The proposed updates derive mainly from: