Petrobras has unveiled its new Business Plan over the 2014-2018 period, which foresees a US$220.6bn investment over this period. This is 6.9% less than the previous five-year plan. The group plans to invest US$153.9bn in E&P (70%) of total investments, and US$38.7bn (18%) in refining, which is 40% below the US$64.8bn of the previous plan. Heavily indebted Petrobras is seeking to redirect capital spendings to the higher margin, since the refining division has lost about US$37bn since 2011, when the government made the company subsidise imported fuel.
Petrobras plans to increase oil and NGL production by 7.5% in 2014 (from 1.93 mb/d in 2013) and to reach 3.2 mb/d in 2018 and 4.2 mb/d in 2020. Total hydrocarbon production (including gas) should reach 3.9 mboe/d in 2018 and 5.2 mboe/d over the 2020-2030 period.
In 2013, Petrobras' oil and natural gas production totalled 2.539 mboe/d, down 2% on 2012, primarily due to delays in starting up new systems, natural decline of fields and sale of assets abroad. In 2013, five new platforms came on stream and another four systems were deployed at their permanent locations. A pre-salt daily output record of 371,000 bbl/d was set in December. Proven reserves in Brazil reached 16 Gboe, up 1.6% on 2012. The Reserve Replacement Ratio has been higher than 100% for 22 years in a row. Average production of oil products in Brazil totalled 2.124 mb/d in 2013, up 6% on 2012, cutting back diesel and gasoline imports.