Petrobras Adapts Strategy Amid Falling Oil Prices

Published 1 days agoPBR

Petrobras Adapts Strategy Amid Falling Oil Prices

Petrobras, the Brazilian state-run oil giant, is taking steps to adjust its strategy in response to a significant drop in oil prices. With Brent crude oil trading around $65 per barrel, the company is revising its five-year strategic plan. CEO Magda Chambriard has highlighted the necessity of simplifying projects and implementing cost-cutting measures while maintaining a capital expenditure target of $18.5 billion for 2025, Reuters reported.

In its efforts to enhance oil reserves, Petrobras is revitalizing existing fields and exploring new regions. The company has secured an $800 million contract with SLB to offer services in offshore fields, a strategic move aimed at rejuvenating these areas and venturing into new territories. Additionally, Petrobras is pursuing discussions to acquire stakes in African oil assets, particularly in Angola, Namibia, and South Africa, to counter a potential decline in output expected after 2030.

Continuing its focus on increasing production, Petrobras is intensifying operations in deep-water fields. Efforts are underway to maximize oil output from fields like the Campos basin, with plans to improve recovery rates. The company is also collaborating with suppliers to make production units more cost-effective, particularly in smaller fields. These initiatives underscore Petrobras's commitment to cost efficiency, reserve enhancement, and production growth amid the challenging landscape of lower oil prices.

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