Petrobras detailed on Monday its new Business Plan for the period 2021 to 2025. In this plan, the company classifies the Campos Basin as a strategic area and will allocate a volume of US$ 13 billion to the region’s fields. The amount, however, will be less in relation to the resources provided for in the previous Business Plan (2020-2024), which predicted a volume of US$ 20 billion.
The figures were detailed by the Exploration and Production Director of the state-owned company, Carlos Alberto Oliveira. The executive explained that some of the reasons that made the company reduce the volume of investment were the devaluation of the real and the inclusion of assets from the Campos Basin in the divestment program. In addition, he mentioned that Petrobras also made optimizations, postponements and even canceled projects, thus contributing to the reduction in the forecast of investments in the area.
Despite the lower volume of investments, Oliveira said that Petrobras still expects the Campos Basin to reach 2024 with the same level of production registered in 2019, not counting the divestments made. This goal had been established in the previous strategic plan and was maintained for the new plan, released last week.
The E&P director stated that a 10% share of the US$ 13 billion forecast for Campos will be allocated to the exploration of 14 blocks acquired between 2017 and 2019 by Petrobras during the auctions of the National Petroleum Agency (ANP). “This volume of blocks corresponds to almost 60% of the total blocks we acquired in these tenders. In 2021, we should drill four exploratory wells, all with a pre-salt objective ”, he detailed.
Oliveira also mentioned that within the strategic focus of investing in world-class assets in deep and ultra-deep waters, Petrobras foresees relevant resources beyond the borders of the basins in the Southeast. “We have about US$ 1 billion to invest in exploration in the Equatorial Margin [which comprises the Foz do Amazonas, Pará-Maranhão, Barreirinhas, Ceará and Potiguar basins], where we see a potentially important exploratory front. And we will also continue with the Sergipe development project, where we must invest around US$ 2 billion ”, he concluded.