Brazil's state owned oil and gas giant Petrobras on Friday announced its 2009-2013 business plan which foresees a total investment of US$174.4 billion, up 55 percent from the 2008-2012 plan.

The plan's publication has been postponed several times since September, as the company said it needed to be reviewed taking into consideration the international financial crisis and its effects on the oil market.

According to the plan, 90 percent of the total investment, or US$157.3 billion, will be used in projects at home.

The figures were calculated based on an average oil price of US$42 per barrel.

Petrobas will invest US$92 billion on exploration and production, up 71 percent from the previous plan. A total of US$28 billion will be injected into pre-salt layer oil field projects.

Petrobras' CEO Jose Sergio Gabrielli said the plan was sound and viable in both short and long terms, though the actual amount of the investment envisioned in the plan may be lower, with costs expected to drop because of the falling oil prices.

The company aims to produce 3.3 million barrels of oil equivalent (boe) per day by 2013, up 37.5 percent from current production. By 2020, it expects to produce a daily total of 5.7 million boe.

The projected daily output at the pre-salt layer oil fields is 219,000 barrels by 2013, 582,000 barrels by 2015, and 1.8 million barrels by 2020.

The daily pre-salt layer natural gas production is expected to reach seven million cubic meters by 2013 and 40 million cubic meters by 2020.

(Xinhua News Agency January 24, 2009)