Petrobras plans to invest $68bn to increase oil production in pre-salt area

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.

Kim Biggar

Kim Biggar started writing in the supply chain sector in 2000, when she joined the Canadian Association of Supply Chain & Logistics Management. In 2004/2005, she was project manager for the Government of Canada-funded Canadian Logistics Skills Committee, which led to her 13-year role as communications manager of the Canadian Supply Chain Sector Council. A longtime freelance writer, Kim has contributed to publications including The Forwarder, 3PL Americas, The Shipper Advocate and Supply Chain Canada.
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