Portuguese 
English 
Spanish 
4 min of reading 
1 comment 
Petrobras Allocates US$ 77 Billion for Exploration and Production and US$ 20 Billion for Refining: Largest Investment Plan of the Decade
Petrobras, under the management of Magda Chambriard, has begun its first investment plan that reflects a strategy prioritizing oil production and refining. Aligned with the motto “Every Drop of Oil Counts,” the company presents a less intense focus on renewable energies, a change that had already been anticipated by the new administration of the state-owned company.
The plan, valid for the period from 2025 to 2029, will be debated next Thursday (21) by Petrobras’s board of directors. However, preliminary information obtained by Folha indicates an estimated budget of US$ 111 billion (about R$ 640 billion), surpassing the previous version of US$ 102 billion (R$ 580 billion).
The increase in investment will also enable the distribution of dividends expected by the market, including up to US$ 10 billion (R$ 57 billion) in extraordinary dividends.
-
A study confirms that the natural gas sector will reduce greenhouse gas emissions in Brazil by 0.5% and accelerate the energy transition by 2026.
-
Petrobras implements a severe adjustment and confirms a 55% increase in the price of aviation kerosene with a proposal for installment payments for the companies.
-
The rise in oil prices could ensure an extra revenue of R$ 100 billion for the Federal Government, indicates a recent economic study.
-
Naturgy begins an investment of R$ 1.6 million to expand the gas network in Niterói and benefit thousands of new residences and businesses.
Financial Flexibility and Petrobras’s Debt
One of the central proposals of the plan is to raise Petrobras’s debt limit from US$ 65 billion (R$ 370 billion) to US$ 70 billion (R$ 398 billion). The company’s management argues that this measure is necessary to ensure greater financial flexibility, allowing for more robust investments in strategic areas.
This capital increase is also linked to the intention of maintaining an average production of 3.2 million barrels of oil and gas per day over the next decade. To achieve this, US$ 77 billion (R$ 440 billion) will be allocated to the exploration and production sector, with US$ 7.9 billion (R$ 45 billion) directed to new reserves in basins such as the equatorial margin and Pelotas, as well as projects in Africa.
Expansion in Refineries and Diversification
Another point highlighted in the plan is the increase in investment in refining, which jumps from US$ 17 billion (R$ 97 billion) to US$ 20 billion (R$ 114 billion). These funds will be used to accelerate important projects, such as those at the Abreu e Lima Refinery in Pernambuco and the Boaventura Complex in Rio de Janeiro.
In addition to focusing on oil, Petrobras plans to diversify its activities. Projects in the petrochemical and fertilizer sector, sidelined during Jair Bolsonaro’s administration, are back on the agenda under the government of Luiz Inácio Lula da Silva.
Among the main investments is the resumption of construction of the fertilizer unit in Três Lagoas (MS), with an estimated R$ 3.5 billion, and the reactivation of operations at Araucária Nitrogenados in Paraná.
Less Focus on Renewable Energies
Although the energy transition is a global concern, Petrobras’s plan reduces investment in solar and wind energy generation, maintaining a budget of US$ 11 billion (R$ 62 billion) for low-carbon projects. The focus is on decarbonizing the company’s operations, with initiatives aimed at energy efficiency and carbon capture technologies.
Chambriard’s management argues that oil will continue to play an essential role in the global economy for decades. The “just energy transition” strategy seeks to balance the production of accessible energy with sustainability goals. “It is possible to explore oil responsibly, caring for the environment and promoting a transition that meets everyone’s needs,” stated Magda Chambriard in an interview last Thursday (13).
Commitment to Sustainability
Despite the focus on oil, Petrobras reaffirms its commitment to the Paris Agreement, which establishes the goal of neutralizing net carbon emissions by 2050. According to Magda, the state-owned company invests in environmental and social initiatives that reinforce its climate responsibility. “Leadership in a just energy transition is not incompatible with oil and gas exploration,” she emphasized.
Market Reactions and Expectations
The market eagerly awaits the final approval of the plan, which will define Petrobras’s role in the coming years. The expectation is that the strategy will signal not only the company’s ability to maintain high levels of dividend distribution but also its ability to navigate between the demands of a green economy and the pressure for immediate financial results.
In the government, the plan has the support of President Lula, who sees oil as a crucial source for financing projects that promote jobs and social development. Still, the challenge will be to balance profit-seeking with the advancement of sustainable policies.
Para isso acontecer é necessário zerar o CR