Petrobras focuses on multi-billion investments in exploration and production.

The Brazilian oil company Petrobras plans to make multi-billion dollar investments in its exploration and production activities over the next five years. According to internal sources of the state-owned company, headquartered in Rio de Janeiro, a strategic plan is currently being developed that envisions investments of USD 110 billion (634.05 billion Reais) for the years 2025 to 2029. This represents an increase of nearly 10 percent compared to the previous estimate. The official launch of this plan is expected in November, although some details are still pending final clarification. Previously, a sum of USD 102 billion had been budgeted for the period 2024 to 2028, with USD 73 billion allocated to the hydrocarbon exploration and production sector. In September, Petrobras emphasized that the new strategic program for 2025-29 will focus on oil and gas production in the upstream segment. Simultaneously, oil and gas reserves are to be increased without resorting to significant mergers or acquisitions, in order to avoid additional debt or cash requirements. This marks a strategic shift compared to the previous plan. In the same month, Petrobras signed 26 concession contracts for blocks in the offshore Pelotas Basin. These contracts are part of the fourth Permanent Concession Offer cycle of the national agency for oil, natural gas, and biofuels, scheduled for December 2023. According to the agreement, Petrobras acts as the operator of the blocks with a 70 percent stake, while Shell holds 30 percent. Additionally, Petrobras and the Colombian state-owned company Ecopetrol reported two significant gas discoveries this month in Colombia's offshore basin. The discoveries at the Uchuva-1 and Uchuva-2 wells, now known as Sirius-1 and Sirius-2, suggest a substantial expansion of gas reserves in Colombia.