Brazil oil regulator OKs Petrobras plan to upgrade Marlim field

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Brazil's oil regulator approves Petrobras' (NYSE:PBR) plan to upgrade development plan of the Marlim offshore oil field, one of the country's largest.

PBR drew up the plan after the agency told it two years ago to come up with ways to limit declining output from several of the large but aging fields in the Campos Basin; output has stagnated as PBR has been unable to bring on new areas fast enough to make up for declines from older fields.

While the plan will require PBR to make substantial investments in Marlim, the agency does not say how much the company must spend.