The company said that it will invest $104.6 billion in exploration and production, $43.4 billion in downstream, $11.8 billion in gas and energy, $5.6 billion in petrochemicals, $3 billion in distribution, $3.2 billion in corporate and $2.8 billion in biofuels. A total of $28.6 billion is expected to be invested in 2009.
Jose de Azevedo, president and CEO of Petrobras, said: “Petrobras has both reserves to develop and identified resources that can turn into reserves and support a production growth rate.
“On one hand, we projected revenues based on prices that are at the minimum limit of the market projections, while, on the other costs at the peak of the third quarter of 2008.”
The company said that the Exploration & Production (E&P) segment in Brazil will get $92 billion, 49% of which to develop production. The goal for 2013 is to produce 2,680 million barrels of oil per day by developing young fields and maintaining the old ones, still with a reduced participation of the pre-salt layer. In the gas area, the target is to reach 70 million cubic meters in 2011, said the oil company.
