Petrobras foresees investments of US$ 46 billion in E&P involving around US$ 32 billion, 70%, destined for pre-salt assets.

Petrobras informed in a material fact yesterday (25/11) that the Strategic Plan for the five-year period 2021-2025 (PE 2021-25) was approved by its Board of Directors. Among the oil company's goals is 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 assets in deep and ultra-deep waters, which we are natural owners, considering the quality of human capital, stock of technological knowledge and capacity to innovate”, he informed to Petrobras in a statement.

Petrobras Investments

In the second half of this year, Petrobras announced the project to sell more assets and reduce investments in oil exploration and production, citing the crisis caused by the coronavirus pandemic.

“Our divestment portfolio currently contains more than 50 assets in different stages of the sale process. Simultaneously with the reduction of the debt, the divestments contribute to improving the allocation of capital and consequently to the creation of value for the shareholder”, said the oil company in the statement about its new strategic plan.

For 2021, a production variation of 4% is estimated (for more or less) in relation to 2020. For this calculation, the sales of assets this year and the impacts associated with the Covid-19.

In the next five years, 13 new production systems are expected to start operating, all of which will be allocated to projects in deep and ultra-deep waters.

Petrobras forecasts total oil and gas production at 3,3 million barrels of oil equivalent per day in 2025, compared to 2,75 million boed projected for 2021. For oil production, the expectation is that the volume will rise from 2,23 million barrels per day (boed) in 2020 to 2,7 million in 2025.

Petrobras projected in last year's plan to reach a total oil and gas production of 2024 million barrels of oil equivalent by 3,5.

According to the oil company, from January 2019 to September 2020, the company managed to reduce its gross debt by US$ 31 billion and maintains its target of reaching US$ 60 billion in 2022.