Petrobras outlines production expansion, frontier exploration goals

Petrobras’ board has approved the company’s 2026-2030 business plan, and it includes start-up of eight new production systems offshore Brazil by 2030, with potential investments totalling $109 billion.

Of this, $81 billion relates to projects approved in the plan, though not all necessarily sanctioned; and $10 billion for projects where the budget remains to be confirmed, subject to a budget analysis.

Petrobras expects to allocate $69.2 billion over the period to E&P projects, with 62% directed to pre-salt programs offshore Brazil; 24% to post-salt fields; 10% to exploration; and 4% to onshore, shallow-water Brazil operations, other ventures overseas, technologies and de-carbonization projects.

It will also seek to improve oil and gas production in the short and medium term via better reservoir management, new complementary wells, start-up of new production systems, and increasing availability of natural gas.

By 2030, Petrobras plans to start up eight new production systems on fields offshore Brazil, seven of which are already contracted, with 10 further projects planned after 2030. The company operates all these fields apart from Raia, which is operated by Equinor.

For the giant Búzios field in the pre-salt Santos basin, 11 FPSOs should be in production or in the works by 2027: the bidding process is under way for a 12th FPSO, P-91.

Petrobras’ plan budgets $7.1 billion for exploration activities during 2026-2030, notably in Brazil’s southern and southeastern basins, Equatorial Margin, and offshore Colombia, São Tomé and Príncipe, and South Africa.

At the same time, it will focus on raising gas availability from existing projects, with a special focus on extending the productive lives of mature assets and their production systems.

As for decommissioning, the company expects to allocate $9.7 billion for disposal of equipment and well abandonment over the next five years.