Petrobras presented its Strategic Plan for the 2020-2024 five-year period. The Brazilian oil & gas company intends to produce 2.2 bbl/d in 2020, slightly below its forecast of December 2018 (2.3 bbl/d in 2020). At the end of the five-year period, Petrobras expects to increase its oil production to 2.9 bbl/d, thanks to the commissioning of 13 new production systems, all of them located in deepwater and ultra-deepwater area.
The company plans to invest US$75.7bn (-10% compared with the 2019-2024 period), of which 85% is allocated to the E&P segment. Petrobras plans to divest US$20-30bn during the 2020-2024 period, with the highest concentration in 2020-2021. In December 2018, Petrobras’s plan was to invest US$84bn over the period 2019-2023, with US$69bn for the development of production in deewater pre-salts areas.
In addition, Petrobras aims at ending growth in absolute operating emissions by 2025 and routine flaring by 2030.