Petrobras has announced a planned investment to the sum of $74.5 billion in its new Business and Management Plan (BMP) for 2018-2022.
The new five-year plan forecast shows marginally higher investments compared to the $74.1 billion projected earlier for the 2017-2021 period, according to Nasdaq.
Notably, the BMP 2018-2022 focuses on increasing production and supporting company’s finances. While around $60.3 billion will be used in exploration and production, nearly $13.1 billion is likely to be spent on refining and natural gas.
Petrobras intends to boost average production from an expected 2.7 million barrels of oil equivalent per day (Boe/d) in 2018 to 3.55 million Boe/d by 2022. The plan will be supported by the eight platforms going into production in 2018 and 11 more coming online by 2022.
Furthermore, Petrobras has plans to reduce its operating expenses to $136.8 billion from $153 billion projected in the five-year plan earlier. Also, operating cash generation is estimated to be around $141.5 billion, after dividends.
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