Brazilian state-run oil and gas company Petrobras has revised its exploration and production (E&P) portfolio in face of the Covid-19 crisis, Kallanish Energy reports.
The revision gives further importance to Buzios and other pre-salt assets, as the focus shifts to its world-class assets in deep and ultra-deep waters. As a result, Petrobras is putting other assets for sale, although details are yet to be disclosed.
The plan is for the company to reveal the potential impact of the revision on the production curve and start-up schedule for new platforms, in late November, at Petrobras Day 2020. Then, it will also announce the 2021-25 strategic plan.
In a statement on Monday, Petrobras said capex for E&P is now estimated at $40-50 billion for 2021-2025, down from $64 billion announced in the 2020-2024 plan.
The E&P assets revision focused on deleveraging to reach the gross debt target of $60 billion in 2022; and on resilience, prioritizing projects with breakeven prices of $35 per barrel and lower.
This post appeared first on Kallanish Energy News.