London, 24 November 2023, (Oilandgaspress) – On Thursday (Nov 23) Petrobras’ Strategic Plan for 2024-2028 (PE 2024-28+) was approved by the company’s Board of Directors. Over the next five years, investments of USD 102 billion are expected to be made, an increase of 31% compared to the previous PE. PE 2024-28+, the first plan designed under the new administration, aims to prepare Petrobras for the future and make the company stronger by integrating energy sources that are essential for a fair and responsible energy transition.
The new plan will focus on people, safety and respect for the environment, thus generating value for future generations. Governance will be upheld in every decision-making process and project evaluation, in an effort to ensure sustainability and profitability, while enhancing transparency.
This plan also has the potential to make a strong contribution to Brazilian society. According to estimates, approximately 60% of Petrobras’ cash generation will return to society in the form of taxes and payments to the federal government, states and municipalities.
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The investments (CAPEX) for 2024-2028 total US$ 102 billion, with US$ 91 billion for projects under implementation (portfolio under implementation) and US$ 11 billion for projects under evaluation (portfolio under evaluation). Both are subject to additional financeability studies before contracting and execution. Once the studies are completed with their economic viability certified, these projects can move to the Implementation Portfolio. The financeability study for projects under evaluation is an additional component integrated to the project approval governance, which will be used for both portfolios. This method of portfolio presentation underscores our commitment to transparency and advancement in project approval governance.
Increased CAPEX investments are primarily associated with new projects, including potential acquisitions, assets that were being disinvested and returned to the company’s investment portfolio, as well as cost inflation, which had an impact on the entire supply chain.
The investments will be made primarily with Petrobras’ own resources generated by its operations. The company’s gross debt will remain limited to US$65 billion, a reasonable amount for companies in the segment and size of Petrobras.
CAPEX in the Exploration and Production (E&P) segment represents 72% of the total, followed by Refining, Transport and Marketing (RTC) with 16%, Gas and Energy (G&E) and Low Carbon with 9% and Corporate with 3%.
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