Brazil’s Petrobras intends to drill 50 exploration wells by 2028, according to its recently-announced five-year business plan. 

Half (25) will be sunk in the Campos, Santos and Espírito Santo basins, 16 in the Equatorial Margin and nine abroad, in countries such as Colombia. 

Some of these wells will be included in the campaign expected to begin in the Equatorial Margin’s Potiguar basin by the end of this year. 

In terms of projects in the production development stage, the highlight is Búzios, where Petrobras plans to drill over 70 wells and complete more than 80.

With an investment forecast of US$22.5bn between 2024 and 2028, current output from Búzios will double to 1.6Mboe/d (million barrels of oil per day) in the period. 

The growth will be enabled by the start of operations of six additional FPSOs: Almirante Tamandaré, P-78, P-79, P-80, P-82 and P-83. 

The total E&P capex planned for 2024-28 is US$73bn, 67% of which will go to pre-salt undertakings. 

The capex includes US$4.2bn for seismic acquisitions designed to help Petrobras incorporate new oil and gas reserves. 

The state-run firm’s reserve/production (R/P) ratio stood at 12.2 years at the end of 2022, with 10.5Bboe (billion barrels of oil equivalent) in proven reserves. 

Petrobras’ total production is projected to reach 3.2Mboe/d in 2028, up 14% from the present level, with the pre-salt region accounting for 79%.