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Petrobras

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Petróleo Brasileiro
Avenida República do Chile
330/28º andar - Centro
Rio de Janeiro-RJ
CEP: 20.031-170

Tel: (+5521) 25 34 12 95

Description

Petróleo Brasileiro - Petrobras, was founded in 1953 to operate in the Brazilian oil sector. Over more than four decades the company has become the country's leader in the distribution of oil products and is now one of the largest twenty major oil companies in the world today, leading the sector in the implementation of the most advanced deep-water technology, for oil production.

Strategic Plan for the 2020-2024

Capex

Petrobras' CAPEX forecasted for the five-year period is US$ 75.7 billion, of which 85% is allocated to the E&P segment. This allocation is in line with our strategic positioning, focusing on E&P assets, especially in the pre-salt, in which Petrobras has a competitive advantage and generates more return on investments.

The divestments forecasted in the plan vary between US$ 20-30 billion for the 2020-2024 period, being the highest concentration in the years 2020 and 2021.

Reserves and production

According to ANP/SPE definitions, on December 31, 2020, proved reserves reached 9.427 billion barrels of oil equivalent.

The R/P ratio (ratio between proved reserves and production) is 9.6 years.

In 2020, Petrobras booked new reserves related to the approval of new projects and the good performance of reservoirs, especially in Santos Basin pre-salt, resulting in an appropriation equivalent to 101% of the year's production.

Petrobras produced an average of 2.28 million b/d in 2020, beating the previous record of 2.23 million b/d set in 2015. Total oil and natural gas output also reached a record 2.84 million b/d of oil equivalent, which topped the previous record of 2.79 million boe/d also set in 2015.

The Buzios Field, which pumped first oil in April 2018, was a major driver of output growth. Efficiency improvements allowed the four floating production, storage and offloading vessels at the field to produce above their installed nominal capacity of 150,000 b/d.

Estimated oil and natural gas production (million boed)

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