Petrobras cuts down investment for next four years
The new plan should prioritize oil exploration and production projects in Brazil, with a focus on the pre-salt layer on the coast.
Petrobras has lowered its predicted investment for the time span comprising 2015 through 2019 by 37%, which represents $90.3 billion less than what had been predicted in the 2014 – 2018 Business and Management Plan. The oil giant's new business plan for 2014 – 2019 includes resources amounting to $130.3 billion and was unveiled Monday (Jun 29) at a meeting held by the Security Commission of Brazil (CVM in its Portuguese acronym).
The new plan should prioritize oil exploration and production projects in Brazil, with a focus on the pre-salt layer on the coast. In the other business areas, representatives from the company say, “investments aim essentially at the maintenance of operations and projects related to the conveyance of the oil and natural gas produce.”
Out of these funds, 86% will be earmarked for production development, 11% for exploration, and 3% for operational support. Another $64.4 billion will be used in new production systems in Brazil, 91% of which in pre-salt oil.
As for supply, a total of $12.8 billion should be invested—11% of which in the conclusion of works at the Abreu e Lima Refinery (in Pernambuco state), and 10% in distribution. Another 10% is expected to benefit the Rio de Janeiro Petrochemical Complex, with the purpose of receiving and treating natural gas, as well as equipment maintenance. The state-run company plans to invest a further $6.3 billion in pipelines the conveyance of produce from pre-salt oil exploration.
The company's financial planning for the period ending in 2016 shows a divestment of $15.1 billion—30% of which in exploration and production, 30% in supply, and 40% in natural gas and energy. For the 2017 – 2018 span, Petrobras's plans focus on a new framework for business, demobilization of assets, and further divestment adding up to $42.6 billion.
The oil giant's targets for the production of oil, natural gas liquid, and natural gas in Brazil have been re-established, and now take into account projects to be initiated earlier and new production units with delayed conclusions, mostly due to restraints facing suppliers in Brazil.
Translated by Fabrício Ferreira
Fonte: Petrobras cuts down investment for next four years
