Petrobras Unveils $109 Billion Business Plan for 2026-2030 Amid Oil Price Challenges
Petrobras plans $109 billion investments through 2030 focusing on exploration, efficiency, and production peaks amid lower oil prices.
- • Petrobras plans $109 billion total investment from 2026 to 2030, slightly reduced due to lower oil prices.
- • $78 billion to exploration and production sector; refining and low-carbon energy receive significant allocations.
- • Projected peak oil production of 2.7 million barrels per day by 2028 and 3.4 million barrels oil equivalent peak by 2029.
- • Targets operational cost savings of US$12 billion and refinery efficiency program investing US$1 billion.
- • Plans include maintaining $75 billion gross debt limit and distributing $45-$50 billion in dividends over five years.
Key details
Petrobras has announced its business plan for 2026 to 2030, projecting a total investment of $109 billion (or approximately R$ 109 billion), a slight reduction of 1.8% compared to the previous $111 billion investment forecast. This decrease is attributed to lower international oil prices impacting market conditions.
Of the total investment, about $91 billion is allocated to ongoing projects, while $18 billion is reserved for projects currently under evaluation. The exploration and production (E&P) sector remains the primary focus, receiving $78 billion of the investment, with refining, transportation, and commercialization receiving $20 billion, and $9 billion dedicated to gas and low-carbon energy initiatives.
Petrobras aims to optimize operational efficiency by targeting US$ 12 billion in cost savings over five years, representing an 8.5% annual reduction in operational expenses, alongside plans to reduce production costs by US$ 6 per barrel. The company will invest US$ 1 billion to improve refinery energy use and operational efficiency through its RefTop Program, targeting a 97% operational availability by 2030.
Production goals include reaching a peak oil output of 2.7 million barrels per day by 2028, with overall production expected to peak at 3.4 million barrels of oil equivalent per day during 2028-2029. Petrobras will also allocate $7.1 billion for exploratory efforts to address reserve replacement, focusing on key basins like the South and Southeast, the Equatorial Margin, and exploratory assets in Colombia, São Tomé and Príncipe, and South Africa.
CEO Magda Chambriard emphasized the need for capital discipline and operational efficiency in response to the challenging oil price environment. She stated that the company’s investments represent approximately 5% of Brazil’s total investments, underscoring Petrobras's significant economic role. The plan also includes maintaining a gross debt cap at $75 billion and distributing between $45 billion and $50 billion in dividends over the period.
Petrobras's business plan reflects the company's strategic priorities to balance growth with financial sustainability, adapting to evolving market dynamics while continuing its long-term commitment to sustainable practices.
The new plan was presented following a board review on November 27, 2025, and a press conference was held on November 28, 2025, in Rio de Janeiro, allowing media and analysts to engage with Petrobras leadership on these strategic initiatives.
This article was synthesized and translated from native language sources to provide English-speaking readers with local perspectives.