Petrobras is planning to invest billions of dollars in its exploration and production (E&P) operations over the next five years, according to sources within the company.

The state-run Brazilian oil giant, which has its headquarters in Rio de Janeiro, has unveiled a strategic plan that includes investments of $110bn (634.05bn reais) for 2025–29, an almost 10% increase from a previous estimate.

The sources, cited by several media outlets, said the plan is due to be officially released in November, with the details yet to finalised.

An earlier estimate included a figure of $102bn between 2024 and 2028, with $73bn allocated for hydrocarbon E&P.

In September, Petrobras revealed it will emphasise upstream oil and gas operations in its forthcoming 2025–29 strategic plan.

The company is crafting a strategy that aims to rebuild its oil and gas reserves without relying on significant mergers or acquisitions. This is a move away from the previous plan and is designed to avoid increasing the company’s debt or cash requirements.

In the same month, the company signed 26 concession contracts for the blocks in the offshore Pelotas Basin.

The concession contracts are part of the fourth Permanent Concession Offer Cycle from the public session conducted by the National Agency of Petroleum, Natural Gas and Biofuels in December 2023.

As per the terms of the agreement, Petrobras will serve as the operator of the blocks with a 70% stake, while Shell will own the remaining 30% stake. 

Earlier this month, Petrobras and Colombia’s state-run oil and gas company, Ecopetrol, reported two major gas discoveries in the country’s offshore basins.

Petrobras said the discoveries at the Uchuva-1 and Uchuva-2 wells, now known as Sirius-1 and Sirius-2, indicate a substantial addition to Colombia’s gas reserves.