Petrobras investment, divestment plans laid out

RIO DE JANEIRO, December 6, 2018 – Petrobras’ 2019-2023 business plan eyes USD 84.1 billion in total investments, the Brazilian NOC said in a statement published on Wednesday.

The company is planning capital expenditures worth USD 68.8 billion in the E&P sector, with a particular focus on pre-salt and deepwater projects. Petrobras aims to bring 13 new production systems on line in 2019, achieving 5% annual growth in oil and gas output in the 2020-2023 period.

Another USD 8.2 billion will be allocated to refining, transportation and marketing, areas in which the NOC will “consider partnership with other companies.” Natural gas activities will see USD 5 billion in investment, with the rest going towards petrochemicals and renewables.

Additionally, Petrobras plans to raise USD 26.9 billion through divestments.

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