Petrobras
$PETR3 (+1.44%)
$PETR4 (+0.83%) plans significant investment cuts for the decommissioning of oil and gas platforms

Brazil's state-owned oil company Petrobras has cut planned investments in the decommissioning of oil and gas platforms by USD 1.1 billion in its new strategic plan for the period 2025-2029, compared to what was envisaged in its plan for 2024-2028, the company announced.

Petrobras expects to invest USD 9.9 billion in the decommissioning of platforms by 2029, while more than USD 11 billion had previously been budgeted for the period 2024-2028.

The plan is now to decommission 10 floating platforms, down from 23 originally. Seven of the platforms are located in Brazil's Campos Basin, one in Santos and the other two in the Espirito Santo Basin.

The changes to the decommissioning plans were not included in the last strategic plan, which was published in November.

In a statement, the company cited "optimization of decommissioning activities" as the reason for the change, without elaborating.

In September, Petrobras CEO Magda Chambriard announced that the company plans to revitalize some of its decommissioned platforms, which could then be used for other projects.

At the time, Chambriard said that Petrobras had set up a working group to examine the revitalization of four platforms.