Petrobras’ business and management plan for 2018 to 2022, approved by the board of directors of the Brazilian state oil company, provides for investments of 74.5 billion US dollars, slightly higher than 74.1 billion dollars foreseen in the previous program 2017-2021.
The company said it “maintains the same level of investment” compared to the previous plan and “continues to give priority to oil exploration and production projects in Brazil”.
“In other areas of activity, the investments are aimed at maintaining operations and projects related to the oil and natural gas production flow,” the oil company said in a statement.
Petrobras said the volume of divestments for the 2017-2018 fiscal year of 21 billion US dollars. The company said it will continue its efforts to reduce operating costs, with manageable operating expenses of US $ 136.8 billion by 2022.
The management of operating costs and disposals, “combined with an estimated cash flow generation of US $ 141.5 billion after dividends, will enable Petrobras to invest and reduce its debt, without the need for new net financing in the future. the horizon of the plan, “Petrobras said.
At the same time, oil and natural gas production has also been revised upwards and is expected to reach 3.55 million barrels of oil equivalent per day (boed) by 2022, with 2.88 million barrels per day (bpd). of oil and liquefied natural gas in Brazil. In the previous plan, production was estimated at 3.41 million boeds.