Great news for shipbuilding and onshore and offshore workers! The Brazilian oil giant expands investments and announces 15 new oil platforms by 2026.
Petrobras informed in a material fact to the market that its Board of Directors approved the Strategic Plan for the five-year period 2022-2026 (PE 2022-26). Over the next five years, the company foresees investments of US$ 68 billion, an amount 24% higher than the same period of the previous plan, in addition to 15 new oil platforms to start production, also in the next five years.
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“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 at the same time that we walk the sustainable path for the energy transition. We expanded our investment forecast for the coming years and we do this with extreme responsibility and diligence in the allocation of resources”, highlights the president of Petrobras, Joaquim Silva e Luna.
US$ 57 billion will be invested between 2022 and 2026 in oil and gas exploration and production
In the E&P segment, US$ 57 billion will be invested between 2022 and 2026. For the period, 15 new platforms are expected to start operating in six fields, with a change in the strategy of contracting units chartered by own companies in some of the projects.
The premise highlighted in the past plan for the resilience of the E&P investment portfolio was maintained, so that all the projects considered are economically viable in a scenario of oil prices of US$ 35 per barrel in the medium and long term. This premise reinforces Petrobras' focus on competitive assets in accelerated transition scenarios.
Estimated oil and gas production for 2022 and 2026, respectively, are 2,7 and 3,2 million barrels of oil equivalent per day.
Petrobras confirmed investments in the Duque de Caxias Refinery (Reduc), in the Santos Terminal, in GasLub and UTG in Itaboraí
In the Refining area, Petrobras will invest US$ 6,1 billion over the next five years, US$ 1,5 billion of which in the integration between the Duque de Caxias Refinery (Reduc) and GasLub Itaboraí, for the production of high quality derivatives and base oils, in order to take advantage of the growing demand in the lubricants market.
Another relevant project foreseen in the plan is the conclusion of the second unit of the Abreu e Lima Refinery (Rnest), with investments of US$ 1 billion, enabling the expansion of its production from 115 thousand to 260 thousand barrels per day (bpd) in 2027.
For Commercialization and Logistics, the investment of US$ 1,8 billion is mainly intended for operational continuity, focused on an increasingly competitive environment, with emphasis on the mandatory investments to be allocated in the Santos Terminal, due to the auction of recently completed area.
The investment of US$ 1 billion planned for the Gas and Energy area includes, mainly, the completion of the Itaboraí Gas Treatment Unit (UTG), which is expected to start operating in 2022, in addition to maintenance and scheduled shutdowns of the assets.
Estatal wants to be the best energy company in generating value, 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 generating value, with a focus 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 in reducing and mitigating emissions, including investments in operational efficiency incorporated in projects to mitigate emissions (scopes 1 and 2), bioproducts (renewable diesel and biokerosene from aviation) and research and development.
All these projects will contribute to the ambition disclosed in September by Petrobras to achieve neutrality of greenhouse gas emissions in operations under its control, within a period compatible with that established by the Paris Agreement.
Petrobras also has a strategy to use its innovative potential to generate decarbonization solutions and new lines of business. In this sense, investments in the area of Digital Transformation and Innovation of around US$ 1,6 billion are planned in the PE 2022-26 horizon, with a focus on efficiency, environmental compliance, safety of operations and commitments to sustainability.
Plan reinforces the importance of a strong, healthy and resource-generating Petrobras
All projects foreseen in the Plan will be executed following the best governance and compliance practices. The company reaffirms its commitment to adopt a governance model that allows for a balance between efficiency and control; and promoting an environment of reference in ethics and transparency, consolidating a culture of integrity among employees and with zero tolerance for fraud and corruption.
Today, companhia acts with integrity and its decisions consolidate its financial health as well as ensure the company's sustainability.
“This plan reinforces the importance of a strong, healthy and resource-generating Petrobras. In 2021, more than R$ 220 billion are estimated between taxes and taxes collected and dividends paid to the Union and other federative entities. We will generate more and more resources that are not retained in the company's cash, but return to society in the form of taxes, dividends and investments, with a multiplier effect on the generation of jobs and the growth of the Brazilian economy. Within the horizon of the plan, payments of government participation, taxes and dividends to the Union are foreseen, which represent approximately 58% of our operating cash generation. This means that a large part of the cash generation from our operations returns to our biggest shareholder, which is the Brazilian State”, concludes President Silva e Luna.
