Petrobras Revises Oil And Gas Production And Investment Forecast For 2023

Written by Paulo Nogueira

Published on 10/11/2023 at 14:32

FPSO Almirante Barroso

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Petrobras is reviewing its estimates for oil and gas production, as well as for the value of the investment planned for the year 2023. This review represents a more detailed analysis of the projections, considering market conditions and operational challenges.

This guidance revision is a strategy of Petrobras to ensure that projections are aligned with market reality and the company’s goals. With this, the company seeks to ensure that investments are allocated efficiently and that oil and gas production is optimized, maximizing returns for shareholders and contributing to the development of the energy sector in Brazil.

Petrobras Changes Production Review of Oil and Gas and Investment for 2023

Petrobras announced a revision in its projections for oil production and gas and for the planned CAPEX for the year 2023. The changes were motivated by factors such as market conditions and plans for investment in new projects.

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According to CVM Resolution No. 44, dated August 23, 2021, Petrobras reported that it conducted a review of its own oil and gas production guidance, as well as its CAPEX for the year 2023. The changes were motivated by the strong performance in the third quarter of 2023 and the forecasts for ramp-ups and new well entries in the fourth quarter of the same year.

Regarding total own oil and gas production, there was an increase in values, rising from 2.6 to 2.8 million boed. The commercial production of oil and gas also increased from 2.3 to 2.4 million boed, and the production of oil and LGN increased from 2.1 to 2.2 million bpd. These revisions took into account future performance forecasts, with a margin of variation of ± 2%.

As for the company’s total CAPEX, the new guidance is now set at US$ 13 billion in 2023, an increase of over 30% compared to 2022. The reduction from the initially planned US$ 16 billion is due to lower spending in the exploration and production of oil and gas, influenced by the challenging post-pandemic scenario. Despite this reduction, Petrobras assures that the planned production target for 2023 will not be compromised.

The future projections of Petrobras are based on reasonable beliefs and assumptions of the Management, as well as information available at the time. However, it is important to note that the statements and information regarding the company’s future contained in this Relevant Fact should not be interpreted as guarantees or promises of performance, as they are subject to risks and uncertainties related to economic, regulatory, and competitive conditions in the countries where Petrobras operates, as well as its strategic and operational decisions.

For more information on the projections of Petrobras, including its monitoring and possible changes, interested parties can consult the reference form, which will be updated according to applicable regulations. This form will be available on the websites of CVM (www.cvm.gov.br), B3 S.A. – Brazil, Stock Exchange, Marketplace (www.b3.com.br), and the company.

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Source: Petrobras

Petrobras Revises Oil And Gas Production And Investment Forecast For 2023

Petrobras Changes Production Review of Oil and Gas and Investment for 2023

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Petrobras Revises Oil And Gas Production And Investment Forecast For 2023

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