Petrobras expects to invest $68 billion over the next 5 years, 24% more than the company’s previous 5-year plan.
The 2022-2026 plan was approved by the board Nov. 24 and includes an exploration and production investment of $57 million, which is expected to bring 15 new platforms on production in six fields, with a change in the strategy of contracting chartered units for the company’s units in some projects.
The company said all projects considered are economically viable in an oil price scenario of $35/bbl in the medium and long term.
Oil and gas production estimated for 2022 and 2026, respectively, are 2.7 and 3.2 MMboe/d.
Petrobras will invest $6.1 billion in the refining segment over the next 5 years, from which $1.5 billion will be invested in the integration of the Duque de Caxias refinery (Reduc) and GasLub Itaboraí to produce high-quality derivatives and base oils to take advantage of growing demand in the lubricants market, the company said.
Conclusion of the second unit of the Abreu e Lima refinery (Rnest) is expected with a $1 billion investment, increasing production to 260,000 b/d in 2027 from 115,000 b/d.
A commercialization and logistics investment of $1.8 billion is aimed mainly at operational continuity, with emphasis on the mandatory investments to be allocated to the Santos terminal, due to the auction of the area held recently.
The $1 billion investment planned for the gas and energy segment mainly includes conclusion of the Itaboraí Gas Treatment Unit (GTU), which is expected to start operating in 2022, as well as maintenance and planned shutdowns.
About $2.8 billion will be invested in emissions reductions, including investments in operational efficiency (scopes 1 and 2), bioproducts (renewable diesel and aviation biokerosene), and research and development.
Digital transformation and innovation investments of $1.6 billion are expected over the 2022-2026 period, focusing on efficiency, environmental compliance, operational safety, and sustainability commitments.
