Brazil's state-run oil company Petrobras has confirmed that it intends to bring a further 63 new rigs into operation over the coming years as it looks to expand its deep water operations.

Coming soon after the company announced a significant new discovery in the Santos Basin region, chief financial officer Almir Barbasa has stated that 59 of the new rigs will be positioned so as to drill in very deeps waters, and in particular in the pre-salt layers found off the coast of Rio de Janeiro.

In total, Petrobras will spend some $112 million on exploration and expansion projects over the next five years, with all of the new rigs expected to be in operation by 2018, the International Herald Tribune has learnt.

At the same time, the company has launched the latest initiative of its Environment Programme, with the Brazilian public to be asked to pick a number of projects to benefit from more than $300 million worth of funding.

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