At this year’s Offshore Technology Conference (OTC), industry representatives from Brazil took to the stage and podium, laying out how the country will hit expansion targets while managing an aging infrastructure that’s quickly becoming a liability.
Much of that effort will rest on the shoulders of Petrobras which has increased its exploration budget for the period between 2025 and 2029 to $77 billion to tap into new frontiers and boost production, all while staying committed to the energy transition and its goal of achieving net-zero emissions by 2050.
“We see Petrobras as one of the top 10 producers in the world and one of the top 10 explorers in the world,” Petrobras CEO Magda Chambriard said during the conference in Houston. “We will be adding 225,000 new [B/D] to the market this year. This is huge for our company, our country, and the world.”
Her remarks came while announcing that Petrobras’ new spending plan includes the addition of 14 new platforms over the next 5 years in Brazil’s southeastern basins, the northern equatorial margin, and beyond its home waters.
While oil prices have been trending down in recent months, the cost of oilfield equipment and services is on the rise. Chambriard addressed these strains while emphasizing that the national oil company is well positioned.
“I’ve been challenging our staff, as well as our suppliers, to confront these issues head-on,” she said.
