Petrobras Announces $111 Billion Investment Plan for 2025-2029, a 9% Increase

Nov 25, 2024, 05:34 AM

Petrobras, the Brazilian state-owned oil company, has announced a significant investment plan of $111 billion for the next five years, covering the period from 2025 to 2029. This investment, which is a 9% increase from the previous forecast for the 2024-2028 period, aims to ensure Petrobras remains responsible for a third of Brazil's primary energy consumption. However, the investment is below market expectations. Additionally, Petrobras is recalculating its renewable energy strategy with a return to the ethanol market, potentially forming strategic partnerships.