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Petrobras sticks with oil in new investment plan

Nov 23, 2024 8:49 4 min read

Petrobras announces its strategic plan for the next five years 

Brazil’s state-controlled oil giant Petrobras announced its new five-year investment plan on Thursday, after approval by its board of directors. 

Top figure. The plan projects USD 111 billion in total investment between 2025 and 2029, a 9 percent increase from the previous cycle, and solidifies the company’s commitment to oil extraction.

Production focused. Of the USD 111 billion, USD 77 billion will be allocated to oil exploration and production, a 5 percent bump from the previous plan. 

  • Petrobras expects daily production to rise to 3.2 million barrels of oil and gas equivalents by 2028, up from the 2.7 million recorded in Q3 2024. 
  • The pre-salt layer — Brazil’s crown jewel of oil reserves, first drilled in 2008 — continues to dominate production, recently hitting…

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