Total to invest $1bn per year in Brazil

Total to invest $1bn per year in Brazil

A Brazilian unit of French supermajor Total is planning to invest $1bn annually (for an unspecified number of years) in the South American country, according to Reuters.

A spokesperson for Total E&P do Brasil named the $1bn figure in an interview with financial newspaper Valor Economico, saying it would be for “the next few years”.

Total and Brazil’s state oil firm Petrobras announced a strategic alliance in October which will see them teaming up on upstream and downstream projects in Brazil and around the globe.

The investment news follows last week’s announcement that Total is buying $2.2bn in assets from Petrobras, including stakes in two offshore oilfields in Brazil’s resource-rich Subsalt Polygon in the Santos basin.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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