Petrobras has approved the 2026-2030 Business Plan (PN 2026-30).
In the PN 2026-30, Petrobras maintains the strategies defined in the Strategic Plan 2050 (PE 2050) and reaffirms its vision of being the best diversified and integrated energy company in generating value, building a more sustainable world, reconciling its focus on oil and gas with diversification into low-carbon businesses (including petrochemical products, fertilizers and biofuels), sustainability, safety, respect for the environment and total attention to people.
Given the scenario of lower oil prices, the PN 2026-30 reinforces the company's commitment to growth with value creation and financial sustainability, through capital discipline, operational efficiency, optimization of operating expenses and budgetary limits for investments, in addition to the adoption of more restrictive criteria in the governance of project approval.
Looking ahead to the 2026-30 National Plan, Petrobras forecasts total capital expenditures (Capex) of US$109 billion, with US$91 billion in projects from the Implementation Portfolio and US$18 billion in the Evaluation Portfolio, which comprises opportunities with a lower degree of maturity.
'With the 2026-30 Business Plan, we reaffirm our ambition to grow alongside Brazil. Our investments represent a significant volume for the Brazilian economy, US$109 billion, which accounts for 5% of total investments in the country. Our projects have the potential to generate and sustain 311,000 direct and indirect jobs, and we will contribute R$1.4 trillion in taxes to municipalities, states, and the federal government over the next five years. We will continue our trajectory as an integrated company and leader in the just energy transition, promoting the country's sustainable development, contributing to national energy security, generating value, and sharing the results with society,' says Petrobras President Magda Chambriard.
To ensure financial resilience and flexibility to respond to market conditions, the Plan introduces a new mechanism for the Implementation Portfolio, with two classifications:
- 'Base Implementation Portfolio': US$ 81 billion, which includes projects whose budget has been approved in the Plan, even if not yet sanctioned.
- 'Target Implementation Portfolio': US$ 91 billion, which, in addition to the projects in the Base Implementation Portfolio (US$ 81 billion), includes projects (US$ 10 billion) whose budget confirmation is contingent upon a financing analysis. Quarterly assessments, in light of cash flow projections and capital structure, will determine the progress of these projects, as well as any prioritization.
In addition to greater efficiency in Capex allocation, measures are planned to optimize costs, with estimated savings of US$12 billion in manageable operating expenses between 2025 and 2030 (2), representing an average annual reduction of 8.5% compared to the previous Plan. Among the initiatives are reducing expenses on non-producing platforms, optimizing air and sea logistics, optimizing well interventions and subsea inspections, utilizing return freight, postponing non-priority routine services and maintenance. Cost optimization actions are implemented in complete alignment with total attention to people, respect for the environment, preservation of operational safety and asset reliability.
The focus on oil and gas remains Petrobras' top priority, with the dual resilience strategy – low cost and low emissions – being fundamental to reconciling leadership in the just energy transition with energy security and the country's sustainable development.
The company's sustainable growth is reflected in its ambition to maintain its relevance in Brazil's energy supply, preserving Petrobras' current 31% share of Brazil's primary energy supply by 2050, with a greater share of renewable sources. Furthermore, Petrobras reaffirms its ambition to neutralize its operational emissions by 2050.
Exploration and Production (E&P)
The PN 2026-30 plan allocates investments of US$ 69.2 billion to projects in the Target Implementation Portfolio of E&P over the five-year period.
Of this portfolio, 62% corresponds to the Pre -Salt layer, 24% to Post-Salt fields , 10% is allocated to Exploration, and approximately 4% is related to Onshore, Shallow Water, assets abroad, technologies, or decarbonization projects.
The company is raising the bar for oil and gas production in the short and medium term compared to the previous plan, through better reservoir management, new complementary wells and the entry of new production systems, as well as an increasing availability of natural gas relative to the current supply.
The projects continue to stand out for their dual resilience (economic and environmental) and high economic value, forming a viable portfolio in scenarios of low long-term oil prices, with a prospective Brent equilibrium price of, on average, US$ 25 per barrel and a carbon intensity of up to 15 kgCO2e per barrel of oil equivalent over the five-year period.
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Source: Petrobras
