March 6 – Petrobras accelerated the pace of its investments last year. In total, the company spent US$20.3 billion in 2025, a 22.2% increase compared to the previous year. Furthermore, this is the company’s highest investment level since 2019. The value was also 9.7% above the forecast in the company’s 2025-2029 business plan, remaining within the guidance range released for the year. According to the company, the increase in investments was mainly driven by the progress of well drilling campaigns, the physical and financial progress in the construction of platforms destined for the Búzios, Atapu, and Sépia fields, and the record number of well interconnections registered throughout the year.
Most of the resources were directed to the exploration and production (E&P) segment, which accounted for approximately 84% of the total invested in 2025, contributing to the company’s production growth during the period. During the year, new production units also came online, such as the FPSOs Almirante Tamandaré (Búzios 7), Alexandre de Gusmão (Mero 4), and the company’s own platform P-78 (Búzios 6). Together, these three units added 585,000 barrels of oil per day to Petrobras’ nominal operated production capacity.
In the fourth quarter of 2025, Petrobras’ investments in the exploration and production segment totaled US$ 5.1 billion. These resources were mainly directed towards the development of the pre-salt cluster in the Santos Basin, which received US$ 2.6 billion, with particular emphasis on the progress in the construction of new FPSOs in the Búzios and Atapu fields. There were also investments of US$1 billion for development projects in the pre- and post-salt layers of the Campos Basin, including the revitalization project of Marlim 1, in addition to US$700 million allocated to exploratory activities.
Compared to the third quarter, investments in the segment grew by 9.7%. The increase was mainly driven by progress in the construction of the FPSO P-78 and by greater investments in exploration, especially in the Equatorial Margin.
In the refining, transportation and marketing segment, investments totaled US$760 million in the period, a 26.7% increase compared to the previous quarter. Among the projects highlighted by the company are investments in the Abreu e Lima refinery and the Boaventura Refining complex. In the area of gas and low-carbon energy, investments totaled US$180 million in the fourth quarter, a 68.8% increase compared to the third quarter. Growth was primarily driven by investments in assets at the Cubatão and Termobahia thermoelectric power plants.
The company also reported that, in the fourth quarter, it recognized US$26 million related to the signing bonus for ten exploration blocks in the Foz do Amazonas Basin, in partnership with ExxonMobil, and three blocks in the Pelotas Basin, in partnership with Petrogal. These assets were acquired in recent auctions held by the National Petroleum Agency (ANP). Furthermore, in December 2025, Petrobras disbursed US$1.3 billion to acquire the rights and obligations of the Brazilian government in the production individualization agreements for the shared Mero and Atapu fields, expanding its participation in these assets. According to the company, the recognition of this amount in Capex will occur in 2026, after the contracts are signed.
Brazil Energy Insight 
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