Petrobras will reduce investment by 10% for the next four years

The Brazilian oil company Petrobras, announced that its investment for the next 4 years will be estimated at 75.7 billion dollars, 10% less than the 84.1 billion dollars initially planned for the period 2020-2024.

According to the strategic plan of the company, approved last Wednesday night and subsequently disclosed to the financial market, the company will allocate 85% to the operating and production segment.

The state had already announced a divestment plan in 2015 with the purpose of facing the decline in profits, the rise in debt, the fall in oil prices and the difficulties of capture, caused by the serious economic crisis that then faced the Brazilian country of which Petrobras was the protagonist.

However, the company plans to continue adding efforts for the exploitation of the pre-salt, the extension that awaits in the Atlantic Ocean consisting of thick layers of sedimentary rocks formed by the crystallization of salts and which has now become the most coveted platform of the continent.

Regarding production, the company set a goal for next year to reach 2.2 million barrels per day, maintaining a margin of variation of 2.5% and waiting for manufacturing to rise to 2.9 million barrels per day in 2024.

K.Villarroel

Source: bancaynegocios