Petrobras has outlined investment plans of $68 billion in its Strategic Plan 2022-26, which increased by approx. 24% compared to the previous plan for the period 2021-25. Of the total capex allocation, 84% ($57.3 billion) has been earmarked for E&P. The company has indicated a strategy of maximising portfolio value through focus on exploration in deep and ultra-deep waters. 67% of the E&P capex would be directed towards pre-salt fields including Buzios, Tupi, Mero, Itapu, Jubarte, Sepia, Atapu, Berbigao, Sururu, Sapinhoa and its working interest in Block BM-C-33. The rest would be allocated towards post-salt developments such as Marlim, Marlim Sul / Marlim Leste, Roncador, Barracuda-Caratinga, and the Sergipe Deep Waters (SEAP). About $5.5 billion of the upstream capex will be used for exploration activity, with 58% of the total directed towards the Southeast basins (Campos, Santos and Espirito Santo), and another 38% to the equatorial margin. Petrobras expects oil output to increase from 2.1 million bpd in 2022 to 2.6 million bpd in 2026, and pre-salt production will continue to represent most of the company’s output, increasing from 70% of total output in 2022 to 79% in 2026. The company is also setting aside $2.8 billion to decarbonise operations, invest in bioproducts and in the diversification of its renewables business.

KeyFacts Energy: Petrobras Brazil country profile