Brazil oil company to invest $236.7 billion

(AP) Brazil's state-run oil company says it will invest $236.7 billion between 2013 and 2017, with most of this amount earmarked for exploration and production.

In a Tuesday conference call with investors and analysts Petrobras said $147.5 billion, or 62 percent of the total, will be spent on exploration and production over the next five years.

Petrobras said $64.8 billion will be spent on refining, while $9.9 billion will go for natural gas and energy projects.

It said that daily oil production is expected to rise from 2 million barrels a day in 2013 to 2.75 million barrels by the end of 2017.