Brazil's state oil company Petrobras plans to invest more than $100 billion over the next decade to expand offshore oil production, saying it is likely to be one of the last producers to survive when oil demand begins to decline. CEO Jean-Paul Prates said. financial times.
“We need to maintain our core [business] Very safe. [a] It’s a crazy transition,” the company’s chief executive told the FT, commenting on its recently announced strategic plan to 2028.
Mr. Prates, who took over as CEO of Brazil's state-run energy company a year ago under the Brazilian left, said Petrobras wanted to “be there until the very end of the oil decline” and that the new He said there was a need to develop new oil exploration and production frontiers. President Luiz Inacio Lula da Silva.
Up to $73 billion of the $102 billion in capital spending planned from 2024 to 2028 will be earmarked for exploration and production, according to a presentation Petrobras gave to investors last week.
After spending a decade selling a number of assets outside Brazil, Petrobras has now shifted its strategy to portfolio diversification and continues to focus on its most profitable assets, the company said. Reserve replacement, new frontiers and increased gas supply are all pillars of the new exploration and production strategy.
Petrobras is currently reevaluating its portfolio in search of synergies and economic diversification, with an eye on new frontiers in exploration, particularly in the equatorial margins off the coast of Brazil, Prates told investors. mentioned in the presentation.
Last fall, Mr. Plates said Petrobras planned to begin offshore exploration drilling in 2024 near the mouth of the Amazon River on the so-called equatorial margin off the coast of Brazil.
Brazilian companies are currently not allowed by regulators to drill for oil and gas in environmentally sensitive areas.
Petrobras has appealed a decision by Brazil's Environmental Protection Agency that refused to approve the project last year.
Written by Tsvetana Paraskova, Oilprice.com
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