This excerpt taken from the PBR 6-K filed Jan 23, 2007.
Main Petrobras Projects in the Growth Acceleration Plan (GAP)
(Rio de Janeiro, January 23 2007). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the Brazilian Growth Acceleration Plan (GAP) launched by the Federal Government yesterday (1/22) includes 183 of Petrobras Strategic Plan projects, representing investments in the order of R$171.7 billion (US$68.7 billion using the planning exchange rate of R$2.50) in oil and gas and in renewable fuel programs to be made by Petrobras and its partners through 2010. This investment (R$171.7 billion), to be made through 2010 and only in Brazil, reflects outlays already included in the 2007-11 Business Plan adjusted for revisions in costs of certain projects already approved by the Board of Directors, notably the Rio de Janeiro State Petrochemical Complex (Comperj), the Abreu e Lima Refinery in Pernambuco, the ethanol export pipelines and the Gas Production Anticipation Plan (Plangás).
Underpinned by socio-environmental responsibility and profitability principles, the Strategic Plan is in line with the GAPs goals. In consonance with the companys goals, the GAPs premises for the sector include:
The wide-ranging project portfolio Petrobras Business Plan encompasses for the 2007-2010 period also seeks to grow oil and gas reserves, to expand transportation and distribution infrastructure, and to augment alternate and renewable fuel and
energy source research and development.
Gas Production Anticipation Plan (Plangás)
Seeking to raise the natural gas offer in Southeastern Brazil, the Plangás goal is to increase production by 24 million cubic meters a day by late 2008, and by 39 million cubic meters a day by the end of 2010, to 40 million cubic meters and 55 million cubic meters, respectively. With investments of R$25 billion in the period, the plan involves several projects and, among other benefits, will improve the national power systems reliability by making natural gas available for thermal energy generation.