Petrobras to invest $7.5 billion in five year for oil and gas exploration offshore Brazil

March 20, 2024

(WO) – On Tuesday, March 19, Petrobras’ Director of Exploration and Production Joelson Mendes highlighted the company’s competitive E&P assets in a panel called “Global competitiveness of Latin American upstream” at CERAWeek by S&P Global. The discussion included Latin American industry leaders to recognize Brazil’s exploration potential.

By: Gustavo Galbatto / Petrobras Agency

Petrobras expects to invest roughly $7.5 billion in five years to explore for oil and gas in prospective regions like the Santos basin, Pelotas basin and Equatorial Margin. Mendes also revealed that the company plans to drill two Colombian exploration wells and discussed developing the deepwaters of northeast Brazil.

Menes also discussed its digital transformation strategy, predicting an investment of roughly $4 billion to acquire seismic data for reservoir characterization by 2028.

Mendes chalked Petrobas’ E&P success to a more efficient production and emissions-reducing technological innovations. She said that Petrobras has again invested in new frontier exploration and expressed excitement over new technologies that have made it possible to reduce well costs compared to the start of the pre-salt exploration boom.

“The history of Petrobras comes from exploration. We have no history of acquiring areas. We have internal programs that have allowed us to increase our discovery possibilities and reduce well costs,” Mendes said.


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