Brazilian gas producer PGN plans $500 million output growth

Parnaiba Gas Natural SA, Brazil’s biggest independent natural gas producer, is investing 1.5 billion reais ($500 million) in projects, including developing five fields in the country’s northeast. The producer, backed by Cambuhy Investimentos, which counts Brazilian billionaire Pedro Moreira Salles as an investor, expects the plan to increase gas output 71%, to 8.4 MMcmd (297 MMcfd) by July 2016, said Henrique Rzezinski, institutional relations vice president of the company, known as PGN More »