Nice post Sav. Getting revenue ASAP and avoiding t/o is a...

Nice post Sav. Getting revenue ASAP and avoiding t/o is a priority. But you never know where interest can come from for any of their assets.

Petrobras sets sights on Asia Pacific play

News wires

Brazilian giant Petrobras is seeking opportunities to take part in for natural gas developments in north-west Australia and Indonesia, to expand its energy investments in Asia, a company official said.

"Asia can be considered a new frontier for Petrobras. Asia represents lots of opportunities for Petrobras because we need gas and there is gas in South-East Asia," Simone Totti Davidovich, the company's senior adviser of E&P international business development, told Reuters.

"The countries we are focusing on are mainly Australia and Indonesia. Those are the most important countries, but we are not close to those countries," she added

"We are talking to some companies and we have seen some blocks," she said but declined to specify the companies.

Petrobras has no oil and gas exploration deals so far in East Asia and Australia.

Last month the company unveiled a huge plan to invest $174 billion between 2009 and 2013, up 55% from the $112.4 billion planned for 2008-2012, bucking the wider trend of oil firms cutting their spending amid economic downturn.

Davidovich said of the total investment, $15.9 billion would go for the international business and 20% of investment in international business would go for new business, including Asia Pacific.

Asked when she expects to make progress in seeking gas opportunities in Asia Pacific, she said: "I hope it's not that far away. I hope it's in near future."

http://www.upstreamonline.com/live/article173124.ece