Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors approved, at a meeting held today, the Strategic Plan for the five-year period 2024-2028 (SP 2024-28+), planning to invest US$ 102 billion over the next five years.
The first plan of this administration, the SP 2024-28+ aims to prepare Petrobras for the future and strengthen the company by initiating a process of integrating energy sources that is essential for a fair and responsible energy transition. In this context, the new Plan will be implemented with total attention to people, safety and respect for the environment, perpetuating value for future generations, with a focus on capital discipline and a commitment to keeping the company’s indebtedness under control.
Oil and natural gas commodities will continue to be the main drivers of value, with economic and environmental resilience, financing the just transition. Profitable low-carbon investments will gain relevance for long-term value generation. Governance will be respected in all decision-making processes and project evaluations, guaranteeing sustainability and profitability, with more transparency.
CAPEX
The CAPEX forecast for the 2024-2028 period totals US$102 billion, 31% higher than the previous plan, with US$91 billion corresponding to projects under implementation (Portfolio under Implementation) and US$11 billion composed of projects under assessment (Portfolio under Evaluation), which are subject to additional financial feasibility studies before contracting and execution begin. When studies are completed and their economic viability is proven, these projects can migrate to the Portfolio under Implementation. The financial feasibility study for projects under evaluation is an additional item to the governance established for approving projects, which is maintained for both portfolios. This way of presenting the portfolio demonstrates a commitment to transparency and a further advance in the governance of project approval.
The increase in CAPEX is mainly associated with new projects, including potential acquisitions; assets that were in divestment and returned to the company’s investment portfolio; and cost inflation, which impacted the entire supply chain.
CAPEX in the Exploration and Production (E&P) segment represents 72% of the total, followed by Refining, Transportation and Marketing (RTM) with 16%, Gas and Low Carbon Energies with 9% and Corporate with 3%.
Exploration & Production
E&P CAPEX for the 2024-2028 period totals US$ 73 billion, with around 67% allocated to the pre-salt, which has a major economic and environmental competitive advantage, with the production of better quality oil and lower emissions of greenhouse gases.
The E&P segment remains relevant to the company, with a strategic focus on profitable assets and investments compatible with a long-term vision aligned with the energy transition. At the same time, the company maintains significant deepwater revitalization projects (REVIT), as well as complementary projects, in order to increase recovery factors in mature fields.
In terms of exploration, US$ 7.5 billion are planned for the five-year period, distributed as follows: (i) US$ 3.1 billion for exploration in the Equatorial Margin; (ii) US$ 3.1 billion for exploration in the Southeast Basins; and (iii) US$ 1.3 billion for other countries. This investment includes the drilling of around 50 wells in areas where the company has exploration rights in acquired blocks.
The E&P segment maintains the premise of double resilience (economic and environmental), and high economic value: with a portfolio that is viable in scenarios of low oil prices in the long term, including Brent with a prospective average break-even of US$25 per barrel, and with a carbon intensity commitment of up to 15 KgCO2e per barrel of oil equivalent by 2030.
Production of oil, NGL and natural gas
The production curve considers the entry of 14 new platforms (FPSOs) in the 2024-2028 period, 10 of which have already been contracted. A new generation of platforms is being built, more modern, more technological, more efficient and with lower emissions.
With this Plan, Petrobras aims to produce 3.2 million barrels of oil and gas equivalent per day in five years.
In line with the company’s strategic focus, Exploration and Production activities are concentrated on profitable assets. Pre-salt production will represent 79% of the company’s total at the end of the five-year period.
The projections for oil production, total production and commercial production of oil and natural gas for 2024 have been increased by approximately 100,000 bpd/boed compared to the previous plan, considering the good performance of the fields, the forecasts for ramp-ups and the entry of new wells.
In 2025 and 2026, oil production, total production and commercial production of oil and natural gas are around 100,000 bpd/boed, lower than projected in the previous plan. This difference is mainly due to current market conditions arising from the global context, where some production systems and complementary deepwater projects have had their schedules impacted. These fluctuations are part of the dynamics of the industry and are within the range of uncertainty disclosed in the last plan. For 2027, the projections for oil production and total and commercial production of oil and natural gas were maintained in relation to the previous plan. To monitor the Plan, a margin of variation of +-4% is considered.
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