Petrobras' new investment plan to have greater focus on oil and gas, CFO says

Rio De Janeiro — Petrobras‘ new multi-year strategic plan will have greater focus on upstream operations than the previous one, the firm’s chief financial officer said on Monday, as the Brazilian oil giant looks to rebuild oil and gas reserves.

Fernando Melgarejo told Reuters that the 2025-2029 plan, which is currently being elaborated, does not foresee any major merger or acquisition and is unlikely to require greater debt and cash when compared to the 2024-2028 one.

Reporting by Marta Nogueira; Editing by Brendan O’Boyle