Petrobras’ five-year investment plan reduced by 2% to $109bn

Core Insights - Petrobras has approved its investment plan for 2026–2030, reducing the budget by 2% to $109 billion (581.2 billion reais) due to lower international oil prices [1][2] - This marks the first reduction in the five-year budget since President Luiz Inacio Lula da Silva took office in 2023 [2] Investment Allocation - Out of the total investment, $91 billion is allocated to projects under implementation, with $10 billion earmarked for projects needing budget confirmation and financing analysis [1] - The remaining $18 billion is still under analysis and has a lower degree of maturity [2] Project Focus - The business plan allocates $69.2 billion for exploration and production projects, with 62% designated for pre-salt fields, 24% for post-salt fields, and 10% for exploration activities [3] - An additional 4% is allocated for onshore projects, shallow-water assets, international assets, technology initiatives, or decarbonization projects [3] Production Goals - Petrobras plans to implement eight new production systems by 2030, with ten additional projects considered post-2030 [4] - The company expects to drill 15 wells at Brazil's Equatorial Margin and forecasts peak oil production to reach 2.7 million barrels per day (mbbl/d) in 2028 [4] Short-term Targets and Financial Commitments - The short-term target for oil production has been raised to 2.5 mbbl/d for the next year, up from the previous target of 2.4 mbbl/d [5] - Petrobras has committed to a regular dividend payout of $45–$50 billion for the 2026–30 period while maintaining a gross debt limit of $75 billion [5]