Petrobras, Brazil’s state-owned energy giant, has raised its capital expenditure (CAPEX) projection for 2024, reflecting increased investments in oil and gas exploration and production (E&P).
After reporting a US$6.4 billion capex in Q1 2024—12.5% higher than the previous year—Petrobras has revised its total capex for 2024 to between US$13.5 billion and US$14.5 billion, with US$11.1 billion to US$12.1 billion allocated to E&P.
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The increase represents a 7% to 15% rise compared to 2023 and aligns with the company’s plans to revitalize the Marlim field in the Campos Basin and advance the construction of floating production, storage, and offloading (FPSO) units in the Búzios field, Santos Basin. Notably, the FPSO Almirante Tamandaré began its journey to Búzios in early August.
Petrobras’ Q2 2024 capex for E&P reached US$2.8 billion, up 11.9% from the previous quarter, with significant focus on pre-salt development in the Santos Basin.
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Additionally, Petrobras recently hired OneSubsea for subsea production systems in the Atapu and Sepia fields, furthering its strategic goals.
This expansion aligns with Petrobras’ ‘Strategic Plan 2024–2028,’ which outlines a US$102 billion investment over five years, including $11.5 billion dedicated to decarbonization projects.
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Tags: Petrobras, CAPEX, Regional
