Brazilian oil major Petrobas has announced a 2 per cent decrease in its next five-year investment plan to US$109 billion, in a move to protect its cash flow amid lower international oil prices.
Petrobas will direct US$91 billion of the total capital expenditure to projects under implementation and US$18 billion in the under-evaluation portfolio, composed of opportunities with a lower degree of maturity.
The company had previously forecast investments of US$111 billion for its five-year plan.
The state-controlled oil producer earmarked US$69.2 billion for exploration and production. This includes increasing oil and gas production in the short and medium term compared to the previous plan, through better reservoir management, new complementary wells, and the start-up of new production systems.
The company’s plan includes eight new production systems by 2030. Additionally, there are 10 otherprojects planned post-2030.
Petrobas also has initiatives planned to optimise costs, with estimated savings of US$12 billion in operating expenses between 2025 and 2030, representing an average annual reduction of 8.5 per cent compared to the previous plan.
The initiatives include reducing spending on non-producing platforms, optimising well interventions and subsea inspections.
Petrobas forecasts reaching a peak oil production of 2.7 million bpd in 2028 and a peak total production of 3.4 million barrels of oil equivalent and gas per day in 2028 and 2029.
Investments of US$4 billion are planned for the implementation target portfolio of the gas and low carbon energies (G&LCE) segment. In natural gas, projects aim to increase the supply of domestic gas through proprietary production and develop new competitive commercial products.
Petrobras maintains the intention of installing new thermoelectric plants in the Boaventura Energy Complex, in Itaboraí (RJ), with the implementation of these projects conditioned to success in future energy capacity reserve auctions.
