Petrobras has announced a spending proposal of $111 billion for the period of 2025-2029, which is almost 9% higher than previous plans.
The executive office of the Brazilian oil company, consisting of eight members, has submitted this ambitious budget in a recent filing. The proposed investment will primarily focus on new oil drilling and other projects aimed at improving the company"s operational capabilities.
The plan is currently awaiting approval from the board of directors of Petroleo Brasileiro SA, and an official announcement is scheduled for November 21.