Petrobras plans total investments of $77.3 billion in E&P over the 2024-29 period, 5% higher than in its previous forward plan.
About 60% of this will be allocated to presalt activities offshore Brazil, with a focus on producing improved quality oil, lower costs and reduced emissions.
At the same time, work will continue on large-scale revitalization projects on mature fields, especially in the Campos Basin.
By 2029, Petrobras aims to bring online 10 new offshore production systems with technologies that provide for greater efficiency and lower emissions. Nine of these have already been contracted.
Beyond 2029, it is implementing five further projects with another six under study. All are operated apart from Raia, which is led by Equinor.
Petrobras expects to deliver production of 3.2 MMboe/d, of which 2.5 MMbbl/d should come from oil.
As for exploration to replace reserves, the capex allocation totals $7.9 billion over the five-year period. Other plans include increasing availability of gas, extending the productive lives of mature fields and their production systems, and in certain cases, initiating decommissioning activities.
Sustainable disposal of the equipment and wells P&A will likely cost about $9.9 billion over the next five years, the company added.
