巴西国油将五年投资计划“瘦身”2% 油价走低下保障现金流与股息回报

Core Viewpoint - Petrobras has slightly reduced its five-year investment plan by 2% to $109 billion to safeguard cash flow amid declining international oil prices [1] Investment Plan Summary - The total investment expenditure includes $91 billion allocated to ongoing projects, with an additional $10 billion pending budget confirmation based on financing analysis. The remaining funds are still in the "lower maturity" analysis stage [1] - This marks the first reduction in the five-year budget since President Lula took office in 2023, highlighting the political significance of the spending plan as a key source of federal budget funding [1] Production and Exploration Goals - Petrobras plans to add eight offshore production platforms by 2030 and is considering an additional ten production vessels post-2030. The company aims to drill 15 wells in the equatorial region of Brazil, recently receiving its first drilling permit [2] - Oil production is expected to peak at 2.7 million barrels per day by 2028, an increase from the previous upper limit. The short-term production target for next year has been raised from 2.4 million barrels per day to 2.5 million barrels per day [3] Financial and Strategic Investments - Approximately $20 billion will be invested in refining, fertilizers, and logistics over the next five years. The company is developing a biofuel portfolio to support decarbonization in shipping and aviation, explicitly stating no new refineries will be built [3] - Investments in natural gas and low-carbon projects are projected at $4 billion, with a focus on strategic minority partnerships or shared control with relevant companies [3] - Petrobras proposes to maintain a total regular dividend payout of at least $45 billion during 2026-2030, consistent with the previous plan, while keeping the debt ceiling at $75 billion. However, no special dividends are committed during this period [3]