Brazil’s Petrobras plans to spend $111 billion in the five years between 2025 and 2029, with $77 billion of this total earmarked for oil and gas exploration and production activities, Reuters reported, citing a securities filing. The new spending figure is $10 billion higher than an earlier version of the investment plan, where exploration and production spending was set at $73 billion.
The plan also contains a $20-billion allocation for refining, transportation, marketing, petrochemicals, and fertilizers, the Reuters report noted. Petrobras currently produces around 2.7 million barrels of oil equivalent, based on third-quarter numbers. That daily average represented a 6.5% annual dip in production, with production from the presalt zone down by 2.7% in the three-month period. Oil production specifically fell by 8.2% in the third quarter, to 2.13 million barrels daily.
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