Petrobras to Invest $111 Billion in 2025-29

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) has published its business plan for the next five years, focusing on exploration and production.

Petrobras has announced investments of US$ 111 billion as part of its business plan for 2025-29. Out of that, US$98 billion is for projects under implementation, while the remaining US$13 billion is for developments under evaluation. These investments are 9% more than those projected for the 2024-28 plan.

The company will focus on exploration and production, allocating US$ 77.3 billion to that segment, followed by refining, transportation, and marketing with US$19.6 billion, gas and low carbon energies with US$11 billion and US$3 billion for corporate.

Around 60% of the investments destined for exploration and production will be spent on pre-salt assets as Petrobras wants to improve the quality of its oil and reduce costs and emissions. Pre-salt assets have been the company's flagship projects, turning Brazil into an energy powerhouse in recent years.

Between 2025 and 2029, Petrobras foresees the startup of nine new floating, storage, and production offloading (FPSO) facilities, with another five coming online in 2030 and beyond and six more projects under study.

With these developments, the company's hydrocarbon output is expected to reach 2.8 million barrels per day (BBL/d) of commercial oil and gas by 2029, with pre-salt production accounting for 81% of the output.

For refining, transportation, marketing, petrochemicals and fertilizers, the company will invest 17% more than in the previous plan.

The company is contemplating an expansion of distillation capacity from 1.813 million BBL/d to 2.105 million BBL/d, mainly through expansions of the Abreu de Lima refinery's Train 1 and the completion of Train 2.

Additionally, the company will focus on increasing S10 diesel production, as well as low-carbon products such as R5 diesel (with 5% renewable content), aviation biokerosene and 100% renewable diesel.

Finally, relating to the energy transition Petrobras will invest US$5.3 billion in emissions mitigation, US$5.7 billion in low-carbon energies such as wind and solar, US$4.3 billion in bioproducts such as ethanol and biorefining, and US$ 1 billion in research and development.

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