Brazilian oil giant Petrobras has unveiled an updated five-year business plan through to 2025 that further reduces investments while directing the bulk of capital expenditure to exploration and production activities.

Petrobras announced investments of $55.2 billion in the period from 2021 to 2025, down 27% from $75.7 billion previously announced for the five years between 2020 and 2024.

E&P still king

As in previous plans, the state-controlled company intends to channel the bulk of spending — $46 billion, or 84% of total capex — to upstream projects, with $32 billion heading solely for pre-salt assets.