Item 1 of 2 Brazilian state-run oil firm Petrobras CEO Magda Chambriard attends an interview with Reuters in Rio de Janeiro, Brazil June 5, 2025. REUTERS/Ricardo Moraes
RIO DE JANEIRO, Nov 28 (Reuters) – Brazilian state-run oil firm Petrobras could review some of the 15 wells it plans to drill in the so-called Equatorial Margin, as Brent oil prices are expected to remain low in the coming years, its CEO said on Friday.
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“We had a large set of wells for the Equatorial Margin; some were prioritized, others were, let’s say, deprioritized depending on the price of Brent crude oil,” Petrobras Chief Executive Officer Magda Chambriard said in a press conference.
She did not say how many of the 15 wells could be reviewed.
Petrobras’ cuts will also impact extraordinary dividends to shareholders, Chief Financial Officer Fernando Melgarejo told journalists, saying the possibility of doling out extra cash in the coming years is low.
Despite the cuts, Petrobras expects to maintain its oil production at some 2.6 million or 2.7 million barrels per day until 2034 after ramping it up around 2027, Chambriard said.
These oil production levels represent the peak Petrobras expects to reach in the next five years under its new business plan.
Reporting by Fabio Teixeira and Marta Nogueira in Rio de Janeiro; Writing by Andre Romani; Editing by Kylie Madry and Paul Simao
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