RIO DE JANEIRO –Petróleo Brasileiro SA (NYSE:PBR) has approved plans to spend $236.5 billion over the 2012-2016 period. The company says its objectives over that time are to:
- Recover the production curve for oil and natural gas
- Prioritize oil and natural gas exploration & production projects in Brazil
- Focus on achieving and perfectly aligning of the physical and financial targets of each project
- Develop the company’s business opportunities while maintaining sound financial metrics.
One big offshore emphasis is improving operational efficiency in the Campos basin to increase reliability. Petrobras is targeting production in Brazil of 3 Bboe/d for 2016. The Operational Efficiency Improvement Program is expected to boost production as new units come online in the Santos basin presalt cluster and Rights Transfer area. From 2012 to 2015, 12 new production units already under construction will go onstream.
The Exploration & Production segment in Brazil will invest $131.6 billion; 69% will go to production development, 19% to exploration, and 12% to infrastructure. Investment in the presalt cluster will account for 51% of total E&P investment.