Petrobras boosts its 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
Company Research
Source: Reuters
HOUSTON, Nov 30 (Reuters) - Petrobras' (PETR4.SA) on Wednesday disclosed a 15% increase in its five-year investment plan to $78 billion, with little change to the company's past strategy of focusing on oil and gas production. The last strategic plan set by Brazil' state-controlled oil producer under President Jair Bolsonaro should be reviewed next year, as an elected new government has signaled it will change the company's strategy when it takes office next year and replace top management. Petroleo Brasileiro SA, as the Rio de Janeiro firm is formally known, expanded investments across exploration, production and refining between 2023 and 2027. The additional $10 billion in spending compared to the $68 billion set for between 2022 and 2026 also reflects higher drilling well costs. The company will expand investments to curb carbon emissions to around 6% of the total from 4%, and more than double its decarbonization fund previously set at $248 million. President elect Luiz I
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