Due to covid-19's delayed sales of assets and maintenance activities, Petrobras already projects slightly lower production in 2021. The oil company's estimate was released last Wednesday (25), in a statement on the strategic plan 2021-2025.
Production is expected to drop to 2.75 million barrels per day and then grow again to reach 3.3 million by 2025 with 13 new production systems in operation. Of Petrobras' $55 billion in investments for 2021-2025, $32 billion is for pre-salt. Going forward, the company plans to focus on these fields and only approve still lucrative projects with Brent at $35 a barrel.
This year, Petrobras was able to expand production despite lower prices and oversupply, which has shaken smaller oil companies in other regions, such as the U.S. shale gas sector. The pause in Petrobras' growth comes at a time when Opec+ is evaluating when pumping more barrels into the market, which has recorded a rapid appreciation of prices this month.