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Petrobras Plans Investments of US$ 46 Billion in E&P Involving Around US$ 32 Billion, 70%, Targeted for Pre-Salt Assets.
Petrobras informed in a relevant fact yesterday (11/25) that its Board of Directors approved the Strategic Plan for the five-year period 2021-2025 (PE 2021-25). Among the goals of the oil company is the investment of US$ 46 billion in oil exploration and production over the next five years, of which US$ 32 billion (or 70%) will be focused on the pre-salt layer.
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“The allocation is in line with our strategic positioning, focusing on world-class deep and ultra-deep water assets, which we naturally own, considering the quality of our human capital, technological knowledge stock, and ability to innovate,” stated Petrobras in a press release.
Petrobras Investments
In the second half of this year, Petrobras announced plans to sell more assets and reduce investments in oil exploration and production, citing the crisis caused by the coronavirus pandemic.
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“Our divestment portfolio currently contains more than 50 assets at different stages of the sale process. Alongside reducing debt, divestments contribute to improving capital allocation and consequently creating value for shareholders,” the oil company stated in the announcement about its new strategic plan.
For 2021, a production variation of 4% (up or down) is estimated compared to 2020. This calculation considers asset sales this year and the associated impacts of COVID-19.
In the next five years, the entry into operation of 13 new production systems is expected, all allocated in deep and ultra-deep water projects.
Petrobras expects total oil and gas production to reach 3.3 million barrels of oil equivalent per day by 2025, compared to 2.75 million boe projected for 2021. For oil production, the expectation is that the volume will increase from 2.23 million barrels per day (boe) in 2020 to 2.7 million in 2025.
Petrobras projected in last year’s plan to achieve a total oil and gas production of 3.5 million barrels of oil equivalent by 2024.
According to the oil company, from January 2019 to September 2020, it managed to reduce gross debt by US$ 31 billion and maintains the goal of reaching US$ 60 billion by 2022.
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