Petrobras Will Invest $16 Billion To Develop The Campos Basin Off Brazil's Coast

Petrobras announced a $16 billion revamp of the Campos Basin, offshore Brazil, which includes plans to introduce three new platforms and connect more than 100 oil RIGS to the area.

The Brazilian state-owned oil and gas company will invest over the next five years. Petrobras says it will use new technologies to revitalize mature assets in the Campos Basin in the coming years. The basin accounted for nearly a quarter of the company's total output last year.

The Brazilian company also announced it would invest $5.5 billion in exploration activities over the next five years.

The investment will be made offshore Brazil, of which 58% will be allocated to the Southeast Basin. The equatorial edge will receive 38 percent of the investment, with the remaining 2 percent going to exploration in other areas.