Brazil May Allow Petrobras to Spend 86 Billion Reais, Valor Says

Brazil’s government sent two bills to congress to allow Petroleo Brasileiro SA to raise its 2010 investment to 85.7 billion reais ($51 billion), Valor Economico reported, without saying where it got the information.

The additional 6.4 billion reais would allow Petrobras to buy a floating production, storage and offloading vessel and production equipment for the Barracuda and Caratinga oil fields and invest in the Urucu-Coari-Manaus gas pipeline, the Sao Paulo-based newspaper said.