Advanced Search

LatinNews Daily - 16 September 2020

Click here for printer friendly version
Click here for full report

In brief: Brazil’s Petrobras to revise its portfolio, focus on 'pre-salt'

* Brazil’s state-owned oil company Petrobras has announced that it is revising its exploration & production (E&P) portfolio, in response to the crisis caused by the coronavirus (Covid-19) pandemic. In a statement, the company said this revision aims to “maximise the value of the E&P portfolio” by focusing on “world class assets in deep and ultra-deep waters”, namely the so-called ‘pre-salt’ offshore oil fields such as Búzios. This would imply accelerating the divestment of its land and shallow water assets, with pre-salt assets representing 71% of E&P investments in the 2021-2025 strategic plan (up from 59% in 2020-2024). Petrobras estimates that this portfolio revision would allow to cut its capital expenditures from the US$64bn announced in the 2020-2024 strategic plan to US$40-50bn in 2021-2025.