Revised Investment Plan and Strategic Focus

Petrobras has slightly reduced its five-year business plan through 2030 to $109 billion, a 2% decrease from the previous $111 billion plan covering 2025-2029. This adjustment is primarily due to a lower assumed structural Brent crude price of $70 per barrel on average. Despite this reduction, the company is reinforcing its strategy to concentrate resources on high-return pre-salt production, with oil and natural gas output projected to range between 3.1 million and 3.4 million barrels of oil equivalent per day.

Upstream and Exploration Investments

The bulk of the investment, approximately $78 billion or 71.5% of the total, is allocated to upstream activities. A significant portion of this, $7.1 billion, is dedicated to exploration to replenish oil reserves. This includes plans to drill up to 40 exploration wells: 15 in the northern equatorial margin, 14 in the Campos, Santos, and Pelotas basins, and 10 in international locations such as Colombia, Argentina, South Africa, and Sao Tome & Principe.

FPSO Deployment and Project Updates

The plan includes minor adjustments to the schedule of floating production, storage, and offloading (FPSO) vessels. Notably, the FPSO intended to revitalize the Barracuda-Caratinga field in the Campos basin has been postponed from 2029 to after 2031. The schedule also lists several FPSOs planned for deployment beyond the five-year horizon, including units for the Buzios-12 and Entorno de Forno projects, as well as revitalization projects at the Tupi, Mero, Albacora, and Marlim Sul-Marlim Leste fields.

Brownfield Optimization and Decommissioning

A series of offshore "complementary projects" are planned between 2025 and 2030, focusing on drilling approximately 100 wells at existing producing fields. This initiative aims to maximize reservoir recovery rates and leverage the installed capacity of existing units, representing a strategy of brownfield optimization and tie-backs that require lower capital expenditure than new greenfield projects. Concurrently, about $9.7 billion is earmarked for decommissioning activities, including the abandonment of wells and the deactivation of 18 old units by 2030.

Operational Efficiency and Cost Reduction

Petrobras is implementing various initiatives to enhance operational efficiency and reduce costs. These efforts include reducing spending on non-producing platforms, optimizing aerial and offshore logistics, enhancing well interventions and subsea inspections, and postponing non-essential routine maintenance.

Energy Transition Investments

Investments in the energy transition will total $13 billion. This funding will support the development of low-carbon energies, including offshore wind, solar, hydrogen, and carbon capture and storage. It also encompasses the decarbonization of operations, bioproducts, and research, development, and innovation across all company segments.