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Petrobras to invest USD 52bn in pre-salt by 2017

20th March 2013

Pre-salt claims big headline in Petrobras USD 236.7bn 2013-2017 business plan

Petrobras to invest USD 52bn in pre-salt by 2017
Brazil’s pre-salt claims 43 per cent of all production developments (USD 46.4bn) and 24 per cent (USD 5.4bn) of exploration activities

Petrobras has announced its 2013-2017 business and management plan. The Brazilian oil giant will invest a record total of USD 236.7bn, including USD 147.5bn in its E&P budget with the majority spurring much anticipated pre-salt developments.

While total investments are similar to those announced for Petrobras’ 2012-2016 business strategy plan (USD 236.5bn), the amount allocated for exploration and production witnessed an increase of approximately 12 per cent (USD 15.9bn).

In the new business and management plan, all eyes have turned to the development of Brazil’s pre-salt. The rich geological formation off Brazil’s coast claims 43 per cent of all production developments (USD 46.4bn) and 24 per cent (USD 5.4bn) of exploration activities.

In 2013, Petrobras aims to maintain 2012 production growth levels of 2 per cent, with production targets reaching 2.5 million barrels per day (bpd) of oil and natural gas by 2016, 2.75 mmbpd by 2017 and 4.2 mmbpd by 2020.

Some 11 new production units will come online between 2013 and 2015, boosting Petrobras’ production capacity by 1.45 mmbpd, according to the company.