RIO DE JANEIRO – Petrobras has budgeted $55 billion of capex for its activities during 2021-25, with $46 billion of this allocated to oil and gas E&P.
Around 70% of that sum will be allocated to the company’s offshore Brazil interests, with funding to be directed at projects resilient to a Brent oil price of $35/bbl.
The company anticipates continuous oil and gas production curve over the period, with 13 new deep to ultra-deepwater production systems due to enter operation.
At the same time the company will maintain its focus on new technologies for de-carbonization of our processes and products, including reduction of natural gas flare burning and CO2 reinjection.
Petrobras’ commitments to sustainability are:
- To reduce its total operational absolute emissions 25% by 2030
- Zero routine flare burning by 2030
- Reinjection of ~40 MMt of CO2 by 2025 in carbon capture and underground storage projects
- Reduction of 32% in carbon intensity in E&P by 2025 (15 kgCO2/boe, maintained by 2030)
- 30% reduction in methane emission intensity in E&P by 2025.