Brazil’S Petrobras Plans To Invest USD 102 Bn

(MENAFN- Brazil-Arab News Agency (ANBA)) Rio de Janeiro – The Board of Directors of the Brazilian oil company Petrobras approved this Thursday (23) its Strategic Plan for the five-year 2024-2028 period. Petrobras plans to invest USD 102 billion, a 31% increase from the previous period. According to the company, the main goal is to begin the integration of energy sources that allow for a“fair and responsible” energy transition.

“We increased Petrobras' total investments with responsibility, focus on capital discipline, and commitment to controlling debt. We also intensified investments in low carbon with profitable projects to generate value in the long term. We will carry out the energy transition in a gradual, responsible, and progressive way, investing in new energies without compromising the oil production still needed to meet global energy demand and finance the energy transition,” said the president of Petrobras, Jean Paul Prates (pictured above).

The investments will be split 72% to exploration and production, 16% to refining, transportation and marketing, 9% to gas and low-carbon energy, and 3% to corporate. For low-carbon projects, USD 11.5 billion will be allocated, more than double the previous proposal. The company said it would focus on initiatives to decarbonize operations and business development in the low-carbon energies segment, emphasizing biorefining, wind, solar, hydrogen, and carbon capture, utilization and storage (CCUS).

Translated by Elúsio Brasileiro

Armando Paiva/Agência Petrobras

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