Brazil’s Petrobras is considering a further increase in investment for the period between 2025 and 2029 to a total of $110 billion, unnamed sources in the know told Reuters. The sum would represent an 8% increase on earlier investment plans for the five years ahead. “Currently, the amount under discussion is near $107 billion, but there are adjustments remaining, so it is likely to be in the range of $110 billion,” one of the sources who spoke to Reuters said.
After spending a decade on selling off many assets outside Brazil, Petrobras is now shifting its strategy to portfolio diversification, keeping the focus on the most profitable assets, the company said earlier this year. Reserves replacement, new frontiers, and increased gas supply are all pillars of the new exploration and production strategy.