Petrobras, Brazil’s state-run oil company and Latin America’s largest oil firm has set a bold goal to invest $102 billion from 2024 to 2028.
This decision reflects a 31% increase in investment compared to the previous plan. The company’s new direction comes under President Lula’s government.
The increase in funds will focus on new projects and re-evaluating assets once considered for sale. Inflation also plays a role, affecting the cost of the entire supply chain.
Of the total investment, $91 billion goes to current projects. The remaining $11 billion is for projects still under evaluation.
These will undergo thorough studies to ensure they are financially viable before moving forward.
The spending plan focuses mainly on Exploration and Production (E&P), which gets 72% of the funds.
This sector is key for Petrobras. Refining, Transportation, and Marketing receive 16%, while Gas, Energy, and Low Carbon get 9%.
The Corporate sector sees the smallest portion, with 3%.
In the E&P segment, $73 billion is earmarked, emphasizing the pre-salt layer. This area alone attracts 67% of the E&P budget.
Petrobras stresses its commitment to profitable and long-term assets. These align with global shifts towards cleaner energy.
The company also invests in deep-water revitalization and other projects. These aim to improve output from older fields.
For exploration activities, $3.1 billion is allocated to the Equatorial Margin. This is a strategic move for Petrobras.
In five years, the company aims to produce 3.2 million barrels of oil and gas per day. This plan shows Petrobras’ ambition to grow and adapt to changing energy needs.
It also highlights its role in Brazil’s economic and energy sectors.