Monday, February 6, 2023

Petrobras to plug US$78 billion into CAPEX for 2023-2027

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Brazil’s state-owned Petrobras plans to invest over US$78 billion into capital expenditures (CAPEX) to achieve goals outlined in its new 2023-2027 Strategic Plan.

Petrobras said that the amount is higher than the average of its last six strategic plans, signaling that investments have returned to pre-COVID levels.

Petrobras also plans to invest about US$20 billion in chartering new platforms. In total, almost US$100 billion will be pumped into its operations.

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“This allocation adheres to the strategic focus of activities in Exploration and Production, in which Petrobras has a competitive advantage and greater return,” the company noted.

Petrobras’ total E&P CAPEX is set at US$64 billion with 67% of that sum going to its Pre-Salt operations.

“The plan also highlights that the E&P projects maintain the premise of double resilience – economic and environmental: viable to scenarios of low oil prices in the long term (Brent of US$35 per barrel) and low carbon (goal of carbon intensity in the E&P portfolio of up to 15 KgCO2e per barrel of oil equivalent by 2030),” it noted.

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And with the objective of seeking new oil and gas frontiers, including opportunities in non-associated gas, Petrobras’ plan also considers a total exploration investment of US$6.0 billion, with approximately 50% in the equatorial margin.

Petrobras’ SP 2023-27 proposes a set of strategies aimed at the company’s effective contribution to “a prosperous and sustainable future” for Brazil.

These include delivering sustainable results for a society in transition, strengthening its low-carbon positioning; maximising the value of its portfolio, with a focus on deepwater and ultra-deepwater assets; adding value to its refining park, with more efficient processes and new products; strengthening the integration of marketing and logistics activities; and innovating new ways to generate value in business and achieve its goals in decarbonisation.

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“With the vision of being the best energy company in value generation, focused on oil and gas, sustainability, safety, respect for people and the environment, Petrobras preserves its values in the SP 2023-27,” the company outlined.

Petrobras said it will also maintain its purpose of “providing energy that ensures prosperity in an ethical, safe, and competitive manner.”

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