Petrobras has announced a reduction of $1.1bn in its planned investment for decommissioning oil and gas platforms by the end of 2029, reported Reuters, citing the company.

The Brazilian state-run oil giant intends to invest $9.9bn in the decommissioning activities, a decrease from the $11bn previously earmarked for the 2024–28 period.

This strategic adjustment will see the number of floating platforms scheduled for decommissioning reduced from 23 to ten.

The revised decommissioning plan will focus on seven platforms in the Campos basin, one in the Santos basin and two in the Espirito Santo basin.

This scaled-back approach was not included in the strategic plan materials released in November.

Petrobras, in a recent statement, attributed the change to "optimisations of decommissioning activities", although no further details were provided.

In September, Petrobras CEO Magda Chambriard spoke about plans to revitalise some decommissioned platforms for potential use in other projects.

Chambriard mentioned that a working group had been established to evaluate the revitalisation of four platforms, signalling a shift in strategy for the company's infrastructure management.

Earlier this month, Petrobras and Ecopetrol confirmed Colombia's largest gas discovery, with the Sirius-2 well revealing more than six trillion cubic feet of gas.

The well is located 77km off Santa Marta in 830m-deep waters.

Petrobras has also initiated bidding for up to two floating production storage and offloading (FPSO) units for the Sergipe Deep Waters (SEAP) project in Brazil's Sergipe-Alagoas Basin.

The procurement follows a build, operate and transfer (BOT) model, where contractors will design, construct, operate and later transfer the units to Petrobras.

The process includes bidding for a firm FPSO for SEAP 2, with an option for a second unit for SEAP 1. The SEAP 2 FPSO is set to begin operations in 2030.