Offshore staff
RIO DE JANEIRO, Brazil — Petrobras has revised its capex guidance for 2023 to $13 billion, down from the previously planned $16 billion but still 30% higher than in 2022.
The drop is mainly due to lower spending than planned on E&P capex ($11.2 billion) in response to global supply chain issues impacting the oil and gas industry.
Petrobras’ exploration expenses in the third quarter were higher because of losses on write-offs related to blocks C-M-210, C-M277, C-M-344, C-M-346, C-M-411 and C-M-413 in the presalt Campos Basin, with production development projects proving to be economically unfeasible.
This, however, was offset by lower expenditure on geology and geophysics, mainly in the offshore Equatorial Margin and the frontier Foz do Amazonas Basin.
In the E&P segment, the company’s third-quarter capex of $2.9 billion was 11% up on the second quarter, due to increased investments in major presalt projects, especially the latest platforms for the Búzios Field, progress in well campaigns and subsea activities.
11.10.2023
