Brazil's state-controlled oil company, Petrobras, has announced that it intends to plough $15 billion into overseas oil projects, with the aim of increasing its crude oil production two-fold.
The company wants to take advantage of growing demand in Asia and South America. By 2015, Petrobras plans to have expanded its oil output from the current two million barrels per day to 4.15 million barrels per day.
Jose Sergio Gabrielli, president of Petrobras, also announced that $1.5 billion will be allocated for use in renewable energy businesses.
The rising use of automotive fuels in Asia and South America has served as a catalyst for the Brazilian company, which is speeding up acquisitions of overseas refineries and the construction of plants at home, as well as increasing oil exploration activities.