The Brazilian national oil company Petrobras has approved its Strategic Plan 2021-2025, cutting its five-year investment plan by 27% to US$55bn compared with its 2020-2024 strategic program. Petrobras plans to invest US$46bn (84% of the total investments) in exploration and production, including US$32bn (70%) in pre-salt assets. The group will also limit spending approval to new projects that can be profitable with Brent prices as low as US$35/bbl. In addition, Petrobras will continue to divest non-strategic assets - its divestment portfolio holds more than 50 assets at different stages of sale process - in order to reduce its gross debt to US$67bn in 2021 and US$60bn in 2022. Petrobras’s production of oil, LGN and natural gas is expected to decrease from an expected 2.84 Mboe/d in 2020 to 2.75 Mboe/d in 2021 due to asset divestments, before rising to 3.3 Mboe/d in 2024 and 2025.