Petrobras increased the volume of investments by 22% in 12 months, having reached approximately US$ 2.4 billion in the 2nd quarter of 2021. The expansion shows a recovery in investments after a downturn in the period when the economy was most heavily impacted by the Covid-19 pandemic.
The volume invested in the 2nd quarter of 2021 was also much higher than the US$301 million received from the sale of assets in the same period. In addition, part of what was collected from the sale of assets that were not in line with Petrobras' strategy was reallocated to assets that maximize the return on capital employed. “This demonstrates that Petrobras is investing more than disinvesting, better reallocating its resources and building a portfolio of high-quality, profitable, resilient and value-creating projects and assets”, highlights the Financial and Investor Relations Director, Rodrigo Araujo.
More than half of the investments made in the 2nd quarter of 2021 were applied to growth projects. This capital employed is mainly aimed at increasing the capacity of existing assets, implementing new production, shipping and storage assets, increasing the asset's efficiency or profitability, and implementing essential infrastructure to enable other growth projects. Made efficiently and competitively, such investments maximize the assets' potential and promote more return for the company and, consequently, for society.
Of the US$2.4 billion spent, the amount referring to the Exploration and Production segment totals US$1.9 billion, with approximately 60% growing. These investments were concentrated in the development of production in ultra-deep waters in the pre-salt region of the Santos Basin (US$ 900 million) and in the development of new projects in deep waters. The allocation of resources in this way reaffirms the company's strategy of concentrating on exceptional pre-salt areas, with large reserves, low risk and competitive costs, assets that maximize Petrobras' return on capital employed.
In addition to the FPSO Carioca, which starts production in the Sépia Field in August, Petrobras also foresees the entry into operation of 12 more FPSOs by 2025. The FPSO of the Parque das Baleias Integrated Project, in the contracting phase, and another 11 new platforms which are already in the execution phase: the FPSOs Guanabara, Sepetiba, Marechal Duque de Caxias and Alexandre de Gusmão, which will be installed in Campo de Mero, the FPSOs Almirante Barroso, Almirante Tamandaré, P-78 and P-79, which will be allocated in the Buzios Field, the FPSOs Anita Garibaldi and Anna Nery, projects for the revitalization of the Marlim Field, and the FPSO P-71, which will be allocated to the Itapu Field. Additionally, two more new platforms expected to start operating in 2026 are already in the contracting phase, the FPSOs P-80, for the Búzios Field, and the P-81, for the Sergipe Águas Profundas project.
These expressive investments demonstrate Petrobras' consistent trajectory of financial sustainability and value creation. The focus on assets with high rates of return and portfolio management makes the company stronger to invest better, supply an increasingly demanding market and generate prosperity for society.