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Petrobras will reduce its capital expenditure for 2025-2029 by approximately 2%, from $111 billion to $109 billion, under the leadership of President Luiz Inácio Lula da Silva. This revision comes amid declining oil prices and aims to adapt to a challenging global economic environment.
Petrobras is projected to spend around $19.6 billion in 2024, focusing on sustaining oil exploration and production, while enhancing its production capacity and refining operations. Despite the reduced spending forecast, the company aims to maintain financial discipline without increasing debt or altering its dividend policy to ensure long-term sustainability.
Looking ahead to 2026, Petrobras faces limited flexibility in capital spending, as most investments for that year have already been contracted. The company is reevaluating projects and negotiating better terms with suppliers to optimize costs while continuing to invest in strategic areas to meet both domestic and international energy demands.
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