Overseas expansion continues

BRAZIL'S Petrobras is planning investments in Iran and Saudi Arabia, says Nestor Cerveró, head of the company's international division. In the 1970s, Petrobras quit Iraq—where it had discovered the giant Majnoon oilfield—in order to channel its resources into domestic exploration. However, in the past few years, it has been expanding its presence on the world stage and wants to add Middle East acreage to its portfolio. In July, the company bid for one of eight exploration and production (E&P) blocks offered by the Iranian authorities in the Mideast Gulf, says Cerveró, in an interview with Petroleum Economist. The results are not yet known. He adds: We are also examining gasfields in Saud