Petrobras Accelerates Offshore Expansion to Meet 4.5 Million Bpd Oil Target

Petrobras is advancing its ambitious offshore projects to boost Brazil’s oil output, targeting 4.5 million barrels per day (bpd) under its 2025–2029 $111 billion investment plan. Recent data shows 2024 production at 2.2 million bpd, with Q4 output dipping 10.5% due to maintenance and regulatory delays. Key to growth are new FPSOs like Almirante Tamandaré (225,000 bpd) and P-78 (180,000 bpd), set to launch in 2025. Pre-salt fields now contribute 81% of Petrobras’ production, with reserves up 4.5% to 114 billion barrels. The government aims for 5.4 million bpd by 2029, positioning Brazil as a top global producer.

 

Sources: Reuters, S&P Global, Petrobras Reports