OTC 2026: Petrobras outlines next phase of Brazil offshore growth

Petrobras plans to invest $7.1 billion in offshore exploration and production, drill about 40 new offshore wells, and invest $4 billion in R&D.
Related To: 
May 4, 2026
2 min read

Key highlights:

  • Petrobras produces nearly 3 MMbbl/d—more than 80% from pre‑salt assets—while maintaining one of the world’s lowest oil and gas greenhouse‑gas emission intensities.
  • The company has brought 24 FPSOs into operation over the past decade, representing about half of all FPSO capacity installed worldwide during that period.
  • Petrobras plans eight new production systems by 2030, roughly $7 billion in offshore exploration to replace reserves, and $4 billion in R&D over five years spanning low‑carbon, safety and core oil and gas technologies.
Courtesy Divulgação Petrobras
Petrobras' P-79 platform offshore Brazil

Petrobras reported May 1 that it has begun oil production from the P-79 platform in the presalt layer of the Santos Basin, three months ahead of the date foreseen in the 2026-2030 Business Plan (PN 26-30). The eighth platform in the Búzios Field, with a capacity of 180,000 bbl of oil and a gas compression capacity of 7.2 MMcm/d, will increase the field's installed production capacity to about 1.33 MMbbl/d of oil. 

Energy supply remains a central driver of Brazil’s economic and social development, and offshore oil and gas will continue to play a defining role in meeting that demand, according to Petrobras' Drilling & Wells Executive Manager Willisses Menezes Afonso.

Speaking during the OTC session “Brazil Offshore Energy in a Nutshell – Next Wave & New Frontiers,” Menezes Afonso said Brazil’s offshore portfolio combines scale with comparatively low emissions performance.

“Brazil oil and gas portfolio ranks among the lowest in greenhouse-gas emission worldwide,” he said, citing efficient production, high productivity and technology deployment.

Petrobras produced nearly 3 MMbbl/d in 2025, with more than 80% coming from presalt assets, he said, adding that this positions Brazil as one of the world’s most significant offshore energy growth hubs.

Petrobras is also a leading company in FPSO implementation experience. 

“Over the past decade, Petrobras has brought 24 FPSOs into operation, representing about half of all FPSO capacity installed globally during the same period,” Menezes Afonso said.

Looking ahead, Petrobras plans to bring eight new production systems online by 2030, while continuing to invest heavily in exploration to replace reserves.

The company expects to invest about $7.1 billion in exploration and production over the next five years, including drilling about 40 new offshore wells between 2026 and 2030. That includes 15 in Equatorial Margin and 14 in South and Southeast Margin. 

Research, development and innovation will also remain central to that strategy. Petrobras plans to invest $4 billion in R&D over five years, with 31% directed toward low‑carbon initiatives and 69% focused on oil and gas, safety and sustainability.

Menezes Afonso also noted that Petrobras currently leads Brazil in patent filings, supported by extensive collaboration with universities, suppliers and research institutions.

“Collaboration, innovation and shared goals throughout the value chain,” he concluded, “help transform complexity into success.”

About the Author

Ariana Hurtado
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Ariana Hurtado

Editor-in-Chief

With more than a decade of copy editing, project management and journalism experience, Ariana Hurtado is a seasoned managing editor born and raised in the energy capital of the world—Houston, Texas. She currently serves as editor-in-chief of Offshore, overseeing the editorial team, its content and the brand's growth from a digital perspective. 

Utilizing her editorial expertise, she manages digital media for the Offshore team. She also helps create and oversee new special industry reports and revolutionizes existing supplements, while also contributing content to Offshore's magazine, newsletters and website as a copy editor and writer. 

Prior to her current role, she served as Offshore's editor and director of special reports from April 2022 to December 2024. Before joining Offshore, she served as senior managing editor of publications with Hart Energy. Prior to her nearly nine years with Hart, she worked on the copy desk as a news editor at the Houston Chronicle.

She graduated magna cum laude with a bachelor's degree in journalism from the University of Houston.

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