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Petrobras Will Spend $68.8 Billion on E&P and 7 New FPSOs Will Be Ordered

Written by Paulo Nogueira
Published on 06/12/2018 at 09:42
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The Brazilian Oil Company Petrobras Has Allocated US $ 84 Billion to Spend Between 2019 and 2023. Most of This Amount Will Go to E & P, Where the Company Plans to Increase Production by Bringing 13 FPSOs into Production, Seven of Which Have Not Yet Been Ordered.

Petrobras Plans to Spend a Total of US $ 84.1 Billion During This Period. Of This Total, US $ 68.8 Billion Will Be Spent on Its Exploration and Production Business, US $ 8.2 Billion on Refining, Transportation, and Marketing, US $ 5.3 Billion on Gas and Petrochemicals, and US $ 0.4 Billion on Renewables. Petrobras Emphasized That Exploration and Production Remain the Company’s Most Important Value Generation Engine, and the Focus Remains on Developing Production in Deep Waters, Notably in the Pre-Salt Areas.

The Company Expects Its Production to Grow by 10% in Brazil and 7% Overall, Due to the Start-Up of Five New Production Units in 2018 and Another Three in 2019.

“Throughout the Plan, the Start-Up of 13 New Systems Is Foreseen. For the Period Between 2020 and 2023, Total Oil and Natural Gas Production Will Grow at an Average Rate of 5% per Year,” Petrobras Said.

Petrobras Shared a Graph in Which It Reveals That of the 13 Units Mentioned, the Company Will Contract Seven New FPSOs to Be Brought into Production Between 2021 and 2023.

The New President of Petrobras, Roberto Castello Branco, Made an Institutional Video Yesterday, Which Can Be Watched Here, Explaining the Future of the Company and the Diversification of Its Service Portfolio, Both in Brazil and in the Global Market, as the State-Owned Company Has Now Regained Its Power to Choose and Decide on Which Assets to Invest.

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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

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