With Investments Exceeding R$ 400 Billion, Petrobras Announces 15 New Oil Platforms Set to Start Production in the Next Five Years

Great News for Shipbuilding and Onshore and Offshore Workers! The Brazilian Oil Giant Expands Investments and Announces 15 New Oil Platforms by 2026.

Petrobras reported in a relevant fact to the market that its Board of Directors approved the Strategic Plan for the five-year period 2022-2026 (PE 2022-26). In the next five years, the company foresees investments of US$ 68 billion, a value 24% higher than the same period of the previous plan, in addition to 15 new oil platforms to enter production, also in the next five years.

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• For R$ 558.2 million, the Brazilian oil giant Petrobras purchased yesterday (19/11) the area of the Port of Santos in an auction held by the Ministry of Infrastructure and the National Waterway Transportation Agency (Antaq)
• Petrobras announced this morning (19/11) the discovery of hydrocarbons (oil) in a pioneering well in the pre-salt of the Santos Basin

“Petrobras maintains its consistent strategy of focusing on projects with full potential to generate resources and contributions to Brazilian society. We prioritize transforming resources into wealth for the country while following the sustainable path for the energy transition. We have increased our investment forecasts for the coming years and do this with extreme responsibility and diligence in allocating resources,” emphasizes the president of Petrobras, Joaquim Silva e Luna.

US$ 57 Billion Will Be Invested Between 2022 and 2026 in the Oil and Gas Exploration and Production Sector

In the E&P segment, US$ 57 billion will be invested between 2022 and 2026. During this period, 15 new platforms are expected to start operating in six fields, with a change in the strategy of contracting vessels to owned units in some projects.

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The emphasis on the resilience of the E&P investment portfolio, as highlighted in the previous plan, has been maintained, so that all considered projects present economic viability in a scenario of oil prices at US$ 35 per barrel in the medium to long term. This premise reinforces Petrobras’ focus on competitive assets in accelerated transition scenarios.

The estimated production of oil and gas for 2022 and 2026, respectively, is 2.7 and 3.2 million barrels of oil equivalent per day.

Petrobras Confirmed Investments in the Duque de Caxias Refinery (Reduc), Santos Terminal, GasLub, and UTG in Itaboraí

In the Refining segment, Petrobras will invest US$ 6.1 billion in the next five years, including US$ 1.5 billion in the integration between the Duque de Caxias Refinery (Reduc) and the GasLub Itaboraí, to produce high-quality derivatives and base oils to take advantage of the growing demand in the lubricant market.

Another relevant project foreseen in the plan is the completion of the second unit of the Abreu e Lima Refinery (Rnest), with investments of US$ 1 billion, enabling an increase in its production from 115,000 to 260,000 barrels per day (bpd) by 2027.

For Commercialization and Logistics, the investment of US$ 1.8 billion is mainly aimed at operational continuity, focused on an increasingly competitive environment, with emphasis on mandatory investments to be allocated to the Santos Terminal due to the area auction recently held.

The US$ 1 billion investment planned for the Gas and Energy sector mainly encompasses the completion of the Gas Treatment Unit (UTG) in Itaboraí, which is expected to start operations in 2022, in addition to maintenance and scheduled downtime of assets.

State-Owned Company Wants to Be the Best Energy Company in Value Generation, Focusing on Oil and Gas, Sustainability, Safety, Respect for People, and the Environment

Petrobras’ vision in the approved plan is to “be the best energy company in value generation, focusing on oil and gas, sustainability, safety, respect for people, and the environment.”

The inclusion of sustainability in the vision is reflected in the investment of US$ 2.8 billion for the reduction and mitigation of emissions, including investments in operational efficiency incorporated in projects for emissions mitigation (scopes 1 and 2), bioproducts (renewable diesel and aviation bio-kerosene), and research and development.

All these projects will contribute to Petrobras’ ambition announced in September to achieve neutrality in greenhouse gas emissions from operations under its control within a timeframe compatible with that established by the Paris Agreement.

Petrobras also aims to leverage its innovative potential to create decarbonization solutions and new lines of business. In this regard, investments in the Digital Transformation and Innovation area are projected at around US$ 1.6 billion in the PE 2022-26 horizon, focusing on efficiency, environmental compliance, operational safety, and commitments to sustainability.

Plan Reinforces the Importance of a Strong, Healthy, and Resource-Generating Petrobras

All projects outlined in the Plan will be executed following the best governance and compliance practices. The company reaffirms its commitment to adopting a governance model that allows for a balance between efficiency and control; and to promote a benchmark environment of ethics and transparency, consolidating a culture of integrity among employees with zero tolerance for fraud and corruption.

Today, the company operates with integrity, and its decisions consolidate its financial health as well as ensure the sustainability of the enterprise.

“This plan reinforces the importance of a strong, healthy, and resource-generating Petrobras. In 2021, over R$ 220 billion in taxes and fees collected and dividends paid to the Union and other federative entities are estimated. We will generate more and more resources that do not remain in the company’s cash but return to society in the form of taxes, dividends, and investments, with a multiplier effect on job creation and the growth of the Brazilian economy. In the timeline of this plan, government participation payments, taxes, and dividends to the Union are projected to represent about 58% of our operational cash generation. This means that a large part of the cash generated from our operations returns to our largest shareholder, which is the Brazilian State,” concludes President Silva e Luna.