Brazil: Petrobras Announces $111-Billion Investment Plan

Petrobras’s Board of Directors approved the 2050 Strategic Plan and 2025-2029 Industrial Plan on November 21, 2024, announcing an investment of $111 billion over the next five years that will focus on short- and medium-term goals.

In the long term, that is, the vision for 2050, there is a broader reflection on the future of the planet and how the company wants to be recognized, or as the company says in its press release, “the best diversified and integrated energy company in creating value, building a more sustainable world, combining a focus on oil and gas with diversification into low-carbon activities (including petrochemicals, fertilizers, and biofuels), sustainability, safety, respect for the environment and an overall focus on people.”

Of the 111 billion to be invested between 2025 and 2029, 77 will be for oil production and exploration. With this plan, Petrobras expects to achieve total production of 3.2 million barrels of oil and gas equivalent per day, including 2.5 million barrels of oil per day. By 2029, the company intends to launch ten new production systems in offshore oil fields. $17 billion will be spent on the energy transition, a 15% increase over the previous plan.

“Over the five-year period 2025-2029, the company will focus on capitalizing on these opportunities in the oil and gas market, with an emphasis on replenishing reserves, increasing production with lower carbon emissions, and expanding the offering of more sustainable and higher quality products in the portfolio,” Petrobras concludes.