Presalt E&P a priority for Petrobras through 2019
Additional information is available following yesterday’s announcement by Petróleo Brasileiro S.A. (Petrobras) of plans to reduce capex to the end of this decade.
The investment plan prioritizes oil exploration and production projects in Brazil, focusing on thepresalt. For other business areas, investment will be largely limited to maintaining operations, and for projects related to offloading oil and natural gas.
Total investments have been reduced 37% in relation to the previous plan and $108.6 billion, or 83%, is destined for exploration and production. Of that, 86% will go to production development, 11% to exploration, and 3% to operations support. New production systems in Brazil will total $ 64.4 billion, of which 91% will be for the presalt. Exploration activities within Brazil will be concentrated in meeting the Minimum Exploratory Program for each block.
The company expects to reach total production of oil and gas (Brazil and international) of 3.7 MMboe/d in 2020, with presalt accounting for more than half the total oil production.