Petrobras business plan foresees investments of US$75.7bn

Petrobras expects investments of US$75.7bn over the next five years starting in 2020. The new business plan was approved yesterday (11/27) by the company’s Board of Directors. According to the state-owned company, 85% of investments will be allocated in the exploration and production segment.

“This allocation is in line with our strategic positioning, focusing on E&P [exploration and production] assets, especially in pre-salt, where Petrobras has a competitive advantage and generates more return on investments,” says Petrobras.

The expected investment volume is lower than the previous plan of US$84.1bn for the period from 2019 to 2023.

The divestments (sale of assets) foreseen in the plan range from US$20bn to US$30bn for the period 2020-2024, “with the largest concentration being in the years 2020 and 2021.”

Production

For oil and natural gas, Petrobras estimates production of 3.5m barrels of oil equivalent per day in 2024 from 2.7m in 2020. For oil production alone, the state-owned company expects the volume to increase from 2.2m barrels of oil equivalent per day in 2020 to 2.9m barrels in 2024. “For the 2020 production target we are considering a variation of 2.5% in increase or decrease,” the company says.

Source: Agência Brasil

Sharing is caring!