* Brazil’s state oil company, Petrobras, has announced that it plans to invest US$102bn over the next five years under its strategic plan for 2024-2028. This represents a 31% increase on the company’s previous five-year investment plan. The US$102bn total consists of US$73bn of planned investment in oil exploration and production; US$17bn in refining, transport, and commercialisation; US$9bn in gas and low carbon energies; and US$3bn in corporate investments. Petrobras CEO Jean Paul Prates said that “we’re increasing Petrobras’ total investments responsibly, focusing on capital discipline and a commitment to keeping debt under control”.
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LatinNews Daily - 24 November 2023
In brief: Brazil’s Petrobras unveils massive investment plan
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