On Monday, Brazil’s state-owned Petroleo Brasileiro SA (Petrobras) expected its oil exports and divestments in the upcoming five years to increase on the back of the company’s target to expand overseas market and cut debts.
In the 2021-2025 period, Petrobras’ domestic oil sales are seen to drop to 1.252 million bpd, down from the 1.348 million bpd in the 2014-2019 period.
On the contrary, crude oil exports are predicted to climb to 891,000 bpd in the next five years, jumping from the 445,000 bpd in the five-year period ending in 2019. Aside from China, Petrobras is now targeting India to expand its international market.
Other than that, Petrobras has planned to divest between USD25-35 billion of its assets in the 2021-2025 period, an increase in target compared to the previous USD20-30 billion goal projected for the 2020-2024 period.
Its newest five-year business plan showed last week also featured a lower 2021 production outlook than expected.
The company’s divestment of gas distribution business Liquigas should be formalized in December. The signing for the RLAM refinery is likely to be in January.
For the first quarter next year, Petrobras is estimated to sign the preliminary sale agreements for the REFAP and REPAR refineries, along with accepting binding offers for the REGAP and RNEST refineries.
Additionally, the company will also have to restart the leasing process for Bahia’s natural gas facility early next year following the disqualifying of the only bidder of the previous round. It would also have to remodel the divestment of its Gaspetro natural gas operation after antitrust authorities rejected its sale in November.
