Brazilian federal oil company Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, plans to ramp up drilling efforts in 2012 to boost output.

Petrobras plans to drill 42 wells in 2012, Chief Executive Maria das Gracas Foster said during an event Tuesday. "We can't produce more if we don't drill more," Foster said.

In the near term, Petrobras expects to install two new production platforms this year and a single platform in January 2013, according to a presentation made by Foster.

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