Petrobras has upped its budget 4% for its upstream unit in its 2014-2018 business plan unveiled this week, providing a boost for the sector as the company trimmed its overall investments.
The state-led Brazilian giant told investors Wednesday it planned to spend $153.9 billion on exploration and production projects in its latest five-year plan, with 40% dedicated to pre-salt and 60% set aside for post-salt.
That overall blueprint calls for $220.6 billion in investment, down from $236.7 billion in the 2013-2017 plan, as chief executive Maria das Gracas Foster emphasised cost control, efficiency and execution amid a massive pre-salt production ramp-up and deployment of offshore production units.
"Today our planning is far more reasonable," Gracas Foster told analysts and journalists in a webcast of a presentation at company headquarters.
The company has also increased the share of projects still under evaluation to $13.8 billion, with that group by no means guaranteed for approval, Gracas Foster said.
Petrobras still aims to grow its total production to 4.2 million barrels per day by 2020 as described in earlier plans.
It also aims to hit output of 3.2 million barrels per day by 2018.
But Petrobras has set itself a more modest target for the following decade between 2020 and 2030, with the goal of stabilising production at 4 million bpd.
Along with output of partners and government the company envisages stable overall production of 5.2 million bpd over the same decade.
The company did recently hit a new milestone of record pre-salt production, counting 407,000 barrels per day following the mid-February hook-up of the Cidade de Sao Paulo floating production, storage and offloading unit to a well at the Sapinhoa field with a pioneering but long-delayed riser buoy system.
That well has hit production at 36,000 bpd, Petrobras said.