Petrobras boosts five-year investment plan to $78 billion [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Reuters
HOUSTON, Nov 30 (Reuters) - Brazil' state-controlled oil producer Petrobras (PETR4.SA) on Wednesday disclosed a 15% increase in its five-year spending plan to $78 billion, with little change to the company's strategy of focusing on fossil fuel production. The last Petrobras business approved under President Jair Bolsonaro could be scrapped next year, as a newly elected government that takes office on Jan. 1 has signaled it will change the company's top management and review its strategy. Petroleo Brasileiro SA, as the firm is formally known, expanded planned investments between 2023 and 2027 by $10 billion compared with the 2022-2026 plan, it said in a filing. The spending increase comes despite a reduction in the production target for 2023 of 100,000 barrels of equivalent oil per day (boed) to 2.6 million boed, the same it produced in 2015. Higher costs for drilling wells partially explains the added investments. The company has also approved additional short-term drilling f
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