Brazil’s state-owned oil and gas company Petrobras plans to invest $102bn (500.15bn reais) over the next five years as part of its strategic plan for the 2024–28 period.

The capital expenditure (capex) plan is 31% higher than the previous plan and the increase is mainly associated with new projects, including potential acquisitions, and cost inflation, among others.

With 72% of the total, capex for the E&P segment is the highest.

It is followed by 16% for refining, transportation and marketing (RTM), 9% for gas and low-carbon energies and 3% for corporate expenses.

“Oil and natural gas commodities will continue to be the main drivers of value, with economic and environmental resilience, financing the just transition. Profitable low-carbon investments will gain relevance for long-term value generation,” the energy company said in its announcement.

Petrobras said that of the $73bn in E&P capex, more than 67% is allocated to the pre-salt segment, which produces higher-quality oil and emits less greenhouse gases.

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By GlobalData

A total of $7.5bn is allocated for exploration throughout the five years, with $3.1bn going towards exploration in the Equatorial Margin, $3.1bn going towards exploration in the Southeast Basins, and $1.3bn for other countries.

The energy company plans to drill around 50 wells as part of this investment in regions where it has secured exploration rights.

In the next five years, Petrobras aims to produce 3.2 million barrels of oil and gas equivalent per day with this plan.

Over the five years, $17bn will go towards RTM to increase the capacity for producing diesel and expand the supply of goods for the low-carbon market.

Capex for the gas and energy segment is $3bn, with the aim of expanding the infrastructure and portfolio of natural gas.

Up to $11.5bn will be allocated for low-carbon initiatives aimed at decarbonising activities, as well as the growing low-carbon energy businesses, with a focus on hydrogen production, wind, solar power, biorefining, and carbon capture, utilisation, and storage.