Petrobras announced today (24) that over the next five years the company’s investments will be in the order of US$ 68 billion, an amount 24% higher than the same period of the previous plan. The decision was taken this Wednesday by the company’s Board of Directors, when approving the Strategic Plan for the 2022-2026 five-year period.
“The company maintains its consistent strategy of focusing on projects with full potential to generate resources and contributions to Brazilian society,” said Petrobras President Joaquim Luna e Silva.
In the exploration segment in oil and natural gas (E&P) production, US$ 57 billion will be invested between 2022 and 2026. For the period, 15 new platforms are expected to come into operation in six fields, with a change in the strategy for contracting self-chartered units in some of the projects.
The company maintained its past plan for the resilience of its E&P investment portfolio, so that all projects considered are economically viable in an oil price scenario of US$ 35 per barrel in the medium and long term. The estimated production of oil and gas for 2022 and 2026, respectively, is 2.7 and 3.2 million barrels of oil equivalent per day.
The state-owned company also announced an investment of US$ 2.8 billion to reduce and mitigate emissions, including investments in operational efficiency incorporated in projects to mitigate emissions (scopes 1 and 2), bioproducts (renewable diesel and aviation biokerosene) and research and development.
Petrobras will invest US$ 6.1 billion in the refining area over the next five years, with US$ 1.5 billion in the integration between the Duque de Caxias Refinery (Reduc) and GasLub Itaboraí, in the metropolitan region of Rio de Janeiro, for the production of high quality derivatives and base oils in order to take advantage of the growing demand in the lubricant market. The strategic plan also includes an investment forecast of US$ 1 billion for the Gas and Energy area, which will mainly include the completion of the Itaboraí Gas Treatment Unit (UTG), which is expected to start operating in 2022, in addition to maintenance and scheduled shutdowns of assets.
The plan also includes the completion of the second unit of the Abreu e Lima Refinery, on the south coast of Pernambuco, with investments of US$ 1 billion, enabling the expansion of production from 115 thousand to 260 thousand barrels per day (bpd) in 2027.
For Trading and Logistics, the investment of US$ 1.8 billion, and intended mainly for operational continuity, focused on a competitive environment, with emphasis on the mandatory investments to be allocated at the Santos Terminal, due to the auction in the area performed recently.
The company’s president said that the plan reinforces the importance of a strong, healthy and resource-generating Petrobras. “In 2021, more than R$220 billion is estimated between taxes and taxes collected and dividends paid to the Union and other federative entities. We will generate more and more resources that are not retained in the company’s cash, but return to society in the form of taxes, dividends and investments, with a multiplier effect on the generation of jobs and on the growth of the Brazilian economy”.
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