Petrobras unveils plan to boost asset sales, will invest $84.1 billion

Staff Writer | Thursday December 6, 2018 3:52AM ET

LatAm Petrobras moderately cut its oil production forecast

Petrobras plans to raise some $26.9 billion via asset sales and partnerships by 2023 while boosting investments on the front edge of an anticipated production boom in Brazil.

Petrobras intends to make $84.1 billion in investments from 2019 to 2023, above the $74.5 billion forecast in its 2018 to 2022 plan, it said in a five-year investment program.

The firm moderately cut its oil production forecast, but still forecast production to increase by 10 percent next year, and then 5 percent every year through 2023.

Petrobras is trying to stay the course on efforts to reduce one of the heftiest debt loads among oil companies worldwide - $88 billion in gross debt - through divestments and an investment focus on Brazil's coveted offshore pre-salt area. ■