On Thursday (27/11), the Petrobras Board of Directors approved the company’s strategic plan for the period between 2026 and 2030. The state-owned company plans investments worth US$109 billion for the next five years.
The approved value is 1.8% less than what was submitted last year. The decline in Petrobras’ investments was already expected by the market, amid a scenario of lower oil prices.
In a statement issued by Petrobras, the company reported that US$91 billion will be allocated to projects in the implementation portfolio and another US$18 billion to the evaluation portfolio.
“In addition to increased efficiency in allocating capital expenditures, cost optimization measures are planned, with estimated savings of US$12 billion in manageable operating expenses between 2025 and 2030, representing an average annual reduction of 8.5% compared to the previous plan,” Petrobras reported.
Among the initiatives aimed at reducing expenses are the reduction of costs on platforms without production, further optimization of air and sea logistics, well interventions and underwater inspections, as well as better use of return freight and postponement of routine services and non-priority custody services.
“Our investments add significant volume to the Brazilian economy, worth US$109 billion, representing 5% of total investments in the country. Our projects have the potential to generate and sustain 311,000 direct and indirect jobs, and we will contribute R$1.4 trillion in taxes to municipalities, states and the federation over the next five years,” said Petrobras President Magda Chambrillard.
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Distribution of investments
According to Petrobras’ plan, the company should invest US$19.4 billion next year, US$21 billion in 2027, US$20.5 billion in 2028, US$16.1 billion in 2029, and US$14.3 billion in 2030.
In 2026, cash investment is expected to reach US$16.9 billion, with a production of 2.5 million barrels per day. Production is expected to reach 2.7 million barrels equivalent in 2028, and remain at 2.6 million barrels equivalent in 2029 and 2030.
“To address the challenges of reserve replacement, the PN 2026-30 plan directs US$7.1 billion to exploration activities in the five-year period, focusing on the Southern and Southeastern Basins, the Equatorial Margin and exploration assets in other countries such as Colombia, Sao Tome and Principe and South Africa,” the company informed.
Oil, gas and energy transmission
According to Petrobras, the company’s focus remains on oil and gas, in a “dual flexibility” strategy, with low cost and low emissions, so that the company also advances, in parallel and gradually, the energy transition.
According to the Petrobras project, $78 billion will be allocated for exploration and production. Of this amount, US$69.2 billion is allocated to projects in the deployment portfolio targeted at exploration and production, 62% for pre-salt fields, 24% for post-salt fields, 10% for exploration, and 4% for other sectors, such as land, shallow water, offshore and decarbonisation projects.
Petrobras also expects US$20 billion for refining, transportation, marketing, petrochemicals and fertilizer initiatives. For gas and low-carbon energy, US$9 billion will be invested.
“Considering all low-carbon initiatives (Scopes 1, 2 and 3), investment in the energy transition amounts to US$13 billion, including projects in low-carbon energy, bioproducts, process decarbonisation measures, and research, development and innovation (RD&I) present in all sectors. This amount represents 12% of the total investment and 8% of the investment in implementation,” Petrobras concludes.
Dividends
In a more challenging oil price environment, Petrobras also reduced bonuses to its shareholders for the period between 2026 and 2030.
According to the company, normal profits will range between US$45 billion and US$50 billion. In the previous plan, the estimate was 55 billion US dollars.
Petrobras also stated that it no longer expected to pay an extraordinary dividend, which had until then been expected to reach US$10 billion.