• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Brazil’s oil major plans to invest $68 billion in boosting production

4 years ago
in Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
69
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Brazil’s oil major plans to invest $68 billion in boosting production

Brazil’s Petrobras plans to invest $68 billion in expanding its crude oil production, a figure that represents 84 percent of its total planned investments for the period 2022-2026.

Offshore Technology reports that the number is a substantial increase on previously planned investments of $55 billion Petrobras announced for the 2020-2025 period.

“Petrobras maintains its consistent strategy of focusing on projects with the potential to generate resources and contribute to the Brazilian society,” said chief executive Joaquim Silva e Luna. 

“We prioritise transforming resources into wealth for the country while following the sustainable path for the energy transition,” he added. The company will allocate $1.8 billion from its 2022-2026 budget to decarbonization operations.

Read: Oil down by over 6% as new strain of COVID-19 virus causes panic selling

In October, Petrobras reported a net profit of $5.34 billion for the third quarter of the year, with revenues of $21.78 billion, benefiting like its peers from the robust increase in international oil prices. It also boasted a reduction in gross debt to $59.6 billion from $79.58 billion in the third quarter of 2020.

RelatedPosts

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report

Gulf Countries Respond to U.S. Trade Pressure With Trillion Dollar Plans

Wall Street Forecasts Oil in the $50s Next Year

The sizeable net income, however, prompted a backlash from Brazil’s president, who criticized Petrobras for high fuel prices and taking too much in the way of profits.

“Petrobras doesn’t pursue profit for profit,” CEO Silva e Luna, who was appointed to the post by President Bolsonaro, said during an earnings call with analysts, as quoted by Bloomberg. “Our goal is to generate value for shareholders and society through taxes, dividends and job growth.”

Brazil has recently shaped up as one of the biggest hot spots in oil and gas, thanks to its presalt zone that contains abundant hydrocarbon reserves waiting to be tapped. Interest from investors is also significant, despite the green transition push.

Brazil is already the largest oil producer in Latin America, but the country now plans to become one of the world’s five largest global crude producers.

Tags: BrazilBrazil’s oil major plans to invest $68 billion in boosting productionPetrobras
No Result
View All Result

Highlights

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

Joe Jackson Warns BoG’s 10% NPL Target Could Squeeze SME Lending

SOEs Record 28.3% Revenue Growth But Post GHS 9.67bn Net Loss in 2024 – SIGA Report 

Three SOEs Make First Dividend Payment of GHS 29.3m in 30 years

Gov’t Misses T-Bills Target by GHS 3.38bn as Investor Appetite for Debt Shifts to BoG Securities

Tough but Right: Will BoG’s Currency Crackdown & NPL Clean-Up Fix the Economy or Freeze Growth?

Trending

Business

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report

September 1, 2025

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report Joint Venture Companies (JVCs) under...

Gulf Countries Respond to U.S. Trade Pressure With Trillion Dollar Plans

September 1, 2025

Wall Street Forecasts Oil in the $50s Next Year

September 1, 2025

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

September 1, 2025

Joe Jackson Warns BoG’s 10% NPL Target Could Squeeze SME Lending

September 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.