Previously the company had planned for $US20 billion expenditure in the period between 2003-2005. The new plan calls for $34.3 billion of investment over an extended period to 2007, including an increased 2003 budget of $7.2 billion, up form the $6.7 billion invested last year.

Under the new budget Petrobras will now invest $18 billion in exploration and production, $7.6 billion in oil and fuel supplies and $5.1 billion in overseas operations up till 2007.