Brazilian state-run oil company Petrobras has reportedly proposed a $111bn business plan for 2025–29, according to a recent securities filing, reported Reuters.

The plan includes ordinary dividends starting at $45bn and up to $10bn in extraordinary dividends. This proposal surpasses the previous 2024–28 plan by $9bn, with a significant focus on E&P.

The proposed plan allocates approximately $77bn for E&P, exceeding the $73bn earmarked in the previous plan.

Additionally, the report stated that $20bn is designated for the refining, transportation, marketing, petrochemicals and fertilisers segment.

Petrobras projects a production rate of around 3.2 million barrels per day (mbbl/d) of oil equivalent, maintaining its status as Latin America's largest crude producer.

Petrobras has faced pressure from President Luiz Inacio Lula da Silva to invest in Brazil's economy and generate local jobs.

Reuters reported that the plan might reduce investments planned for 2025 compared with the previous plan. However, Petrobras has not disclosed details on yearly investments in its recent filing.

The Petrobras board is scheduled to discuss the proposed business plan on Thursday.

Meanwhile, Petrobras has commenced operations of its natural gas processing unit (UPGN) at the Boaventura Energy Complex.

The first module, with a capacity of 10.5 million cubic metres per day (mcm/d), is operational, and a second module will double this capacity by year-end.

The Boaventura UPGN aims to boost domestic natural gas supply and decrease import reliance.

Furthermore, Brazil and Argentina have signed a memorandum of understanding to explore infrastructure development for gas exports from Argentina’s Vaca Muerta to Brazil.

This agreement could lead to imports of up to 30mcm/d by 2030.