November 26, 2018
Petrobras will send for the approval of the Board of Directors its Business and Management Plan 2019-2023, which will contemplate investments slightly above the level of US $ 80 billion, against US $ 74.5 billion of the 2018-2022 Plan. The plan has already been finalized and will be submitted on the 27/11 for the analysis of the Strategy and Financial Committees to make the final decisions before being sent to the Board.
The plan had been discussed since March / April and during this period it was evaluated by the internal committees and even by the Board.
Although BE Petróleo has had access to the level of investments and the date of approval, the detail of PNG 2019-2023 has been kept under seven keys. From a strategic point of view, the E & P area will continue, as in previous editions, playing a prominent role in the plan. However, over the next four years, the issue of energy transition, focusing on low carbon, will gain special place in the company’s plans, showing a direction adjustment.
Under this approach, natural gas will gain greater relevance, especially in view of the large volumes being produced in the pre-salt. In addition, sources involved in the process have confirmed that offshore wind and solar generation projects will also be on Petrobras’ radar in the coming years and that asset sales will continue to play a key role in the company’s strategy.
The 2019-2023 Plan began to be elaborated still under the management of Pedro Parente, being finalized under the management of Ivan Monteiro. Petrobras’ original intention was to finalize and publicize the plan between September and October, but fearing possible problems due to the elections, the company’s management chose to postpone.
According to senior company sources, despite the change of government and change of command in the oil company, at no point did the Board consider delaying the preparation of the plan for 2019.
Because this is a plan developed during a transitional period of government, the board and the committee already foresee the need for minor adjustments in the future. The expectation is that two to four months after his inauguration, Roberto Castello Branco may make some changes of direction in the guidelines.
Two years ago, Petrobras’ Business Plan had investments totaling US $ 74 billion. In the 2017-2021 edition, investments were set at US $ 74.1 billion, compared to US $ 98.4 billion in own resources for the period 2015-2019.