Petrobras plans to invest R$16 billion in the Campos Basin over the next five years. The amount represents 23% of the total investment estimate that the state-owned company has for the period between 2022 and 2026.
The Campos Basin is a maritime sedimentary basin that extends from the outskirts of the city of Vitória, in Espírito Santo, to Arraial do Cabo, on the north coast of Rio de Janeiro. In this area, fields with important reserves in the pre-salt layer are located. Currently, it is the second largest producer in the country, only behind the Santos Basin.
“We are advancing in major revitalizations in the Campos Basin”, said today (25) the marketing and logistics director at the state-owned company, Fernando Borges, during Petrobras day, investor relationship event. Borges confirmed the withdrawal of the sale of the Marlim field, which should have two new units starting in 2023.
Discovered in 1985, the Marlim field is located in the Campos Basin and is approximately 110 kilometers away from the coast of Rio de Janeiro. “It no longer appears in our divestment portfolio. I emphasize that active portfolio management is dynamic. At least annually we do a review. And this will happen with all assets”, added Fernando Borges.
During Petrobras Day, the president of the state-owned company, Joaquim Luna e Silva, and company directors discussed details of Petrobras’ Strategic Plan for the 2022-2026 five-year period. approved yesterday, he foresees a total investment of US$ 68 billion. This is a value 24% higher than the previous five-year period.
“The higher percentage focused on the exploration and production area and on the refining area very well characterizes that we are bringing a strong investment in our pre-salt, which already corresponds to more than 70% of the company’s production”, said Joaquim Luna and Silva. Of the total of 15 new platforms of the Floating Production, Storage and Transfer Unit (FPSO) type that should come into operation by 2026, 12 are in the pre-salt and three in the post-salt.
Several clarifications were made about the progress of the divestment strategy that has been adopted since 2019. In recent years, Petrobras has already disposed of different assets such as the subsidiaries TAG, BR Distribuidora, Gaspetro and some oil fields.
The sale of its stake in Braskem petrochemicals is still being evaluated, but there is still no specific agenda. The state-owned company holds 47% of the shares with voting rights, while Novonor, the new name of the Odebrecht Group, holds 50.1%. Other shareholders account for 2.9% of the voting capital. “Right now, we are having discussions with the other relevant partner, Novonor, and we have been designing a sales model that generates more value, so that both parties are able to extract value”, said the director of institutional relations and sustainability, Rodrigo Araújo .
The sale of the Abreu e Lima refinery (RNEST), in Pernambuco, is also on the horizon. Even so, it should receive an investment of US$ 1 billion. The amount will be used in works to complete the second refining unit, which should expand production capacity from 115,000 to 260,000 barrels per day (bpd) by the year 2027. adequate indicators”, said Rodrigo Araújo.
RNEST started operating in 2014 and had been included in Petrobras’ divestment portfolio in 2019. An attempt to sell the refinery took place in 2021, but there were no interested parties. According to Rodrigo Araújo, the pending works turned foreign actors away and contributed to the failure of the business.
“Petrobras has more knowledge and is able to move forward with the conclusion. The idea is to resume the construction process and, at the same time, relaunch the sales process,” he said. Rodrigo also assessed that the investments could be recovered. “We increase not only the value of the asset but also the prospects of making a successful sale”, he added. According to him, there is no defined schedule, but the expectation is to complete the deal with the works in progress.
In all, US$ 6.1 billion will be invested in the refining area, in accordance with Petrobras’ Strategic Plan for the 2022-2026 five-year period. But the state-owned company, which currently has 13 refineries, intends to maintain in 2026 only the five it has in the states of São Paulo and Rio de Janeiro.
fuel prices
According to the marketing and logistics director at Petrobras, Cláudio Mastella, the investments planned for the 2022-2026 five-year period do not directly affect fuel prices. “They are not defined by investment, but by markets. Not just diesel and gasoline, but any other commodity in the world. Markets communicate and based on supply and demand, prices are formed. There is no connection to any investment we might make.”
“What we have been doing is investing in the efficiency of our processes, making our production more competitive and then being able to offer compatible prices and, being local, more competitive on the international market. Offer more quality, reliability and price. Market price like any other commodity,” he added.
Since 2016, Petrobras has adopted the so-called Import Parity Price Policy (PPI), which links the price of oil to the international market based on the price of a Brent barrel, which is calculated in dollars. Recent variations in the currency have resulted in a rise in the amount that service stations charge for fuel sales.
Critics of dollar-based pricing, the National Federation of Oil Workers (FNP) and the Petrobras Social Observatory (OSP) carried out today (25th) the National Day without PPI campaign. Parallel to Petrobras day, they offered 12 thousand liters of gasoline for sale at R$4.40 at some gas stations in the states of Rio de Janeiro and São Paulo. The value is 34.8% lower than the average charged by the market: R$ 6.75 according to the latest survey by the National Petroleum Agency (ANP) between the 14th and 20th of November.
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