June 19, 2019
Petrobras closed the year 2018 with a negative record in terms of its nominal investment volume. The company said it had disbursed $ 13.4 billion in the period. This is the lowest volume since 2006, when the state-owned company invested about $ 15.4 billion. The market, of course, felt the impact. Petrobras is the largest player in the Brazilian oil and gas industry and its investments are fundamental to the national supply chain. The result of this lower volume of resources is still felt by the sector. But recently, the president of the oil company, Roberto Castello Branco, said that the company’s goal is to invest $ 105 billion over the next five years – equivalent to at least $ 21 billion a year.
The statement by Castello Branco, given during a hearing in the Chamber of Deputies in Brasilia, raises Petrobras’ investment forecast in relation to what was defined in the Business and Management Plan (BMP) 2019-2023. The document indicated US $ 84.1 billion forecast for the interval. Out of this total in BMP 2019-2023, an amount of US $ 68.8 billion would be allocated to the exploration and production sector. This has, in fact, been another area that has also undergone a gradual reduction of resources over the last few years.
In 2018, the company’s E & P segment had nominal investments of US $ 11.5 billion, which represents a decrease of 7% compared to the previous year. The volume is also the smallest since 2007. In other times, Petrobras has invested US $ 27.5 billion in E & P, as happened in 2013. However, the price crisis on the barrel and also Lava-Jato’s deployments had placed the state-owned company in a deep crisis, retracting the ability to apply resources.
Nonetheless, investments in Petrobras’ production in 2018 were R $ 32.4 billion, an increase of 9% over the previous year, mainly due to the start-up of new systems: P-74 , P-75, P-69 and the Campos dos Goytacazes FPSO. Within the BMP 2019-2023 horizon, as already announced by the company, there are still at least 11 other production platforms that are already contracted, in contracting or planning, increasing the market expectation around new investments of Petrobrás.
Of the new platforms planned, seven will be installed in the Santos Basin pre-salt and one in the Campos Basin pre-salt, with Petrobrás contributing US $ 27 billion over the next five years. The Campos Basin, by the way, is another area that should also receive special attention hereafter, especially as a result of mature fields.
As reported, the president of Petrobras stated that the company will invest, in the state of Rio de Janeiro alone, US $ 57.9 billion over the next five years. Of this total, US $ 20 billion will be allocated to the revitalization of areas in the Campos Basin.