NEWS

Brazilian state-led oil company Petrobras said on Nov. 24, it will invest $68 billion for the 2022–2026 period. About 84% of the investment will be focused on exploration and production, particularly in the subsalt frontier. Petrobras expects to produce an average of 2.1 million barrels of oil per day in 2022 and 2.6 million barrels of oil per day by 2026.

Brazil's sub-salt fields, which are thought to add to global oil supplies in the coming years, have been the focus of exploration and development in recent years, with sub-salt oil and gas production accounting for 74.1% of the country's total production in September, the highest level ever. Petrobras believes that global oil energy use will decline by 2050 and it will maximize production before the age of carbon neutrality since it has lowered extraction costs and carbon emissions than similar projects.