• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 40 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 36 mins How Far Have We Really Gotten With Alternative Energy
  • 3 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 15 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

Brazil’s Oil Major Plans To Invest $68 Billion In Boosting Production

Brazil’s Petrobras plans to invest $68 billion in expanding its crude oil production, a figure that represents 84 percent of its total planned investments for the period 2022-2026.

Offshore Technology reports that the number is a substantial increase on previously planned investments of $55 billion Petrobras announced for the 2020-2025 period.

“Petrobras maintains its consistent strategy of focusing on projects with the potential to generate resources and contribute to the Brazilian society,” said chief executive Joaquim Silva e Luna. 

“We prioritise transforming resources into wealth for the country while following the sustainable path for the energy transition,” he added. The company will allocate $1.8 billion from its 2022-2026 budget to decarbonization operations.

In October, Petrobras reported a net profit of $5.34 billion for the third quarter of the year, with revenues of $21.78 billion, benefiting like its peers from the robust increase in international oil prices. It also boasted a reduction in gross debt to $59.6 billion from $79.58 billion in the third quarter of 2020.

The sizeable net income, however, prompted a backlash from Brazil’s president, who criticized Petrobras for high fuel prices and taking too much in the way of profits.

“Petrobras doesn’t pursue profit for profit,” CEO Silva e Luna, who was appointed to the post by President Bolsonaro, said during an earnings call with analysts, as quoted by Bloomberg. “Our goal is to generate value for shareholders and society through taxes, dividends and job growth.”

Brazil has recently shaped up as one of the biggest hot spots in oil and gas, thanks to its presalt zone that contains abundant hydrocarbon reserves waiting to be tapped. Interest from investors is also significant, despite the green transition push. Brazil is already the largest oil producer in Latin America, but the country now plans to become one of the world’s five largest global crude producers.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on November 26 2021 said:
    Meanwhile over at Vale..

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News