Petroleo Brasileiro (Petrobras) this week revealed its new strategic plan for 2022 to 2026. The plan includes a significant increase in the company’s expected spending, largely to expand oil production from the subsea pre-salt area.
Petrobras projects an overall investment of $68bn over the next five years, up from $55bn in the previous five-year plan that covered the period 2021 to 2025. Oil and gas exploration and production costs account for 84% of the new forecast total.
Planned spending includes $1.8bn for decarbonisation projects to eliminate gas flaring and electrify offshore platforms.
In terms of oil production, the company forecasts an average of 2.1m barrels per day in 2022, rising to 2.6m bpd by 2026.
Petrobras plans to make divestments of between $15bn and $25bn in the five-year period.
