Rio de Janeiro – Petrobras’ Board of Directors approved changes to the 2015-2019 Business and Management Plan, the state-run oil company said this Tuesday (12) in a statement. The revised plan provides for USD 98.4 billion investment, down USS 32 billion, or roughly 25%, from the original USD 130.3 billion sum.
According to the statement, the revision takes into consideration the new oil price and exchange levels, and intend to preserve “the fundamental goals of deleverage and value creation for shareholders” that the plan sets forth.
Petrobras based the revision on investments and costs projections, the new Brent oil price, and the exchange rate, ascribing priority to “oil exploration and production in Brazil, with an emphasis on the pre-salt area.”
The company will allocate USD 80 billion, or 81% of total investment, to exploration and production; USD 10.9 billion (11%) will be spent on refining and supply; and USD 5.4 billion (6%), will go into gas and energy. Other sections of Petrobras’ business will see USD 2.1 billion in investment.
In exploration and production, USD 4.9 billion of investment will be earmarked for activities in foreign countries.
As per the revised plan, divestments (asset sales) for 2015-2016 have been set at USD 15.1 billion, a much higher sum than 2015’s USD 700 million figure.
According to Petrobras, investment portfolio adjustments caused the oil output projection for Brazil to drop from 2.185 million barrels per day to 2.145 million barrels per day in 2016, and from 2.8 million to 2.7 million barrels per day in 2020.
Petrobras’ 2015 oil output in Brazil averaged 2.128 million barrels per day, exceeding the previously set target of 2.125 million barrels per day by 0.15%, and up 4.6% from 2014 levels (2.034 million barrels per day). “This result is the company’s highest-ever annual oil output, surpassing the previous record set in 2014,” the company notes.
*Translated by Gabriel Pomerancblum
