Petrobras steps up allocations for presalt, frontier exploration capex

Dec. 1, 2022

Petrobras has budgeted for capex of $78 billion for the 2023-2027 period, 15% higher than its previous plan.

The first chartered platform (leased from MODEC) will operate on the giant Búzios Field in the presalt Santos Basin under production via the P-74, P-75 (pictured), P-76 and P-77. Operations will begin in 2023.

Offshore staff

RIO DE JANEIRO, Brazil — Petrobras has budgeted for capex of $78 billion for the 2023-2027 period, 15% higher than its previous plan.

This is on par with the average of industry peers, the company said, and its shows that investments have recovered to the pre-COVID-19 level.

E&P capex ($64 billion) accounts for 83% of the company’s planned outlay. In addition, Petrobras plans to spend about $20 billion chartering new platforms.

Close to 67% of the E&P outlay will go on presalt developments off Brazil. The plan also highlights the value of E&P projects that are viable in the long term, low oil price scenarios (Brent of $35/bbl) and low carbon (the goal for the portfolio is up to 15 kg CO₂e/bbl by 2030).

An important highlight of the investments of the Petrobras Strategic Plan 2023-2027 includes the amount of $4.4 billion (6% of total capex) in projects directed to the company's low-carbon initiatives.

As for frontier basin pursuits, including opportunities in non-associated gas, the plan allows for total exploration spending of $6 billion, with about 50% directed at the Equatorial Margin.

Petrobras also confirmed it had the assignment of 5% of its interest in the PSC of the Surplus Volume of the Transfer of Rights for the giant Búzios Field in the presalt Santos Basin, to partner CNOOC Petroleum Brasil.

Brazil’s Ministry of Mines and Energy signed the contract amendment.

Petrobras now holds 85% stakes in the PSC, with CNOOC owning 10% and CNODC Brasil Petróleo e Gás owning 5%.

Stakes in the Búzios Shared Reservoir, including the portions of the Transfer of Rights Agreement and the BS-500 concession agreement, which will be Petrobras 88.99%, CNOOC 7.34% and CNODC 3.67%.

12.01.2022