Brazil's state-owned oil company Petrobras has announced plans to invest US$74.5bn over the 2018-2022 period, up from US$74.1bn forecast for the 2017-2021 period. Most of this investment will be directed to exploration and production (US$60.3bn, i.e. 81% of total investment), with 77% (US$46.3bn) dedicated to developing its production; 58% of its exploration and production investment will go to the offshore pre-salt layer, including US$18.9bn in the Campos basin alone. The group aims to ramp up its production, from an average 2.7 mboe/d in 2018 to 3.55 mboe/d by 2022, with 8 new platforms brought into production in 2018 and another 11 by 2022.
A total of US$13.1bn (18%) will be dedicated to refining and natural gas, of which 66% for refining, transport and commercialisation, 28% for gas and 6% for distribution and biofuels.
Petrobras also aims to limit its debt at 2.5 times EBITDA for December 2018 and keeps a target of US$21bn in divestment in 2017-2018. In 2017, the group already sold US$4.5bn in assets.