Petrobras reduces 25% of forecast investments until 2019
Petrobras headquarters in Rio de Janeiro
Petrobras' Board of Directors approved adjustments to the 2015-2019 Business and Management Plan. In a statement, the company reported today (Jan. 12) that it will invest $98.4 billion in the period, cutting $32 billion compared with the initial value ($130.3 billion). The fall is approximately 25%.
Adjustments, according to the company, took into account the new oil price levels and the exchange rate, and aim to maintain the priority of projects on oil exploration and production in Brazil, especially on pre-salt ".
Of the firm's total investments, $80 billion will be assigned to exploration and production, equivalent to 81% of the total; $10.9 billion (11%) for supply and refining; and $5.4 billion (6%), for the gas and energy areas. For the remaining areas, investments will reach $2.1 billion.
Of the total investments in exploration and production, $4.9 billion are expected for activities overseas.
In the new Business and Management Plan, the biennium 2015-2016 divestment (selling assets) was kept at $15.1 billion, much higher volume of resources than the $700 million achieved in 2015.
Reduced production
According to Petrobras, the adjustments made in the investment portfolio reduced oil production in Brazil's projection from 2.185 million barrels per day to 2.145 million in 2016, and from 2.8 million to 2.7 million in 2020.
Petrobras average oil production in Brazil totaled 2.128 million barrels per day in 2015, 0.15% up the established target of 2.125 million bpd and 4.6% higher than the 2014 production (2.034 million of barrels per day). "This result holds the firm's historical annual record for oil production, breaking the record set in 2014," pointed out the state-led firm.
In a statement, Petrobras reports that has been working "on the continuous improvement of its Business and Management Plan and on the quick adaptation to changes in their business environment while preserving its commitment to act with capital discipline and profitability."
The firm notes that has been involved in several risks that may impact their projections, like "changes in market variables including oil prices and exchange rates; divestitures and other business restructuring operations, subject to market conditions prevailing at the time of the transactions; and the scope of the oil and natural gas production's targets, in a scenario of difficulties with suppliers in Brazil. "
Translated by Amarílis Anchieta
Fonte: Petrobras reduces 25% of forecast investments until 2019
