Brazilian state energy giant Petrobras has announced plans to increase investment in the Angolan oil and gas industry by 50 per cent.

According to Angola Press, the Brazilian ambassador to Angola Alfonso Cardoso confirmed that by 2012, Petrobras will have invested $3 billion (£1.8 billion) in developing the country's oil and gas assets.

The company had originally planned to commit $2 billion, said Mr Cardoso, speaking in Luanda.

In addition to boosting production in the African country, he also expressed a firm commitment to investment in training and development programmes and initiatives that will help to diversify the Angolan economy.

He iterated that capacity building and vocational training will be an integral aspect of cooperation between the two countries.

According to Upstream Online, Petrobras has been active in Angola since 1979 and the country now represents its largest drilling programme outside of Brazil.

Last year, it confirmed a deep-water find off the country's coast which was drilled by a consortium of firms including Eni Angola and Sonangol.

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