Petrobras keeps its options open
Brazil's state-controlled oil company is not cutting investment yet, but may have to if oil prices continue to fall or its financing options look too unappealing
PETROBRAS is determined to avoid scaling back its spending plans because of adverse market conditions. The company will accelerate investment in its highly prospective pre-salt areas chief executive José Gabrielli assured investors last month and – at present – intends to proceed with all the 500 or so projects in its rolling five-year business plan, at a total cost of $174.4bn. The firm will spend heavily in the downstream, particularly refining, which will absorb 73% of its $47.8bn downstream budget, boosting capacity from 1.791m b/d in 2009 to 2.270m b/d in 2013 in order to meet rapidly rising domestic products demand. Further expansions to 3.012m b/d are envisaged by 2020, through revamp
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
