Brazil’s NOC to invest $102 bln in new five-year plan

BRASíLIA, November 27, 2023 – Petrobras has launched a new five-year strategic plan that involves investing USD 102 billion, the Brazilian NOC announced on Thursday.

Under the new strategy, USD 91 billion will be spent on projects currently underway, with USD 11 billion put towards projects under assessment.

The new plan represents a 31% increase in capex to the company’s previous five-year strategy for the 2023-2027 period.

A total of 72% of spending is allocated to E&P activities, with production of 2.8 million boepd targeted in 2024 that is expected to ramp up to 3.2 million boepd by 2028.

The largest amount of investment will go toward activity in the Equatorial Margin totalling USD 3.1 billion, with USD 3.1 billion spent on exploration in the local southeast basins and USD 1.3 billion market for international markets.

A total of 14 new FPSOs are planned by 2028, 10 of which are already contracted.

The company plans on spending USD 17 billion in refining, transportation and commercialisation.

Low-carbon initiatives almost doubled from the previous strategy to amount to USD 11.5 billion, including biorefining, wind, solar, CCS and hydrogen projects. These projects will comprise 6% of its spending in 2024 but will ramp up to 16% by 2028.

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