Brazil’s state oil firm Petrobras on Thursday announced it will more or less maintain its investment plans for the period 2018-2022 including a big chunk on offshore projects, despite being the world’s most indebted oil company, according to Reuters.
The company, at the hub of a huge bribes-for-inflated-contracts scandal that has shaken Brazil’s politics and economy, is predicting a $74.5bn investment commitment for that five-year spell as compared to last year’s $74.1bn for the 2017-2021 period.
The greater part of the new forecast, $60.3bn will go towards exploration and production and 58% of that E&P spending will be on the pre-salt layer including $18.9bn on the offshore Campos Basin.
At the same time, Petrobras will continue its policy of divesting assets in order to reduce its red ink, while simultaneously ramping up production. Its target is to be hitting 3.55 million barrels of oil equivalent per day (boe/d) by 2022 as compared to an expected 2018 average of 2.7bn boe/d.