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Petrobras

Business Plan 2026-2030, November 2025 to 2030

With the 2026–30 Business Plan, we reaffirm our ambition to grow together with Brazil
Magda Chambriard, Petrobras’ president, November 2025

Business Plan 2026-2030

Petrobras is Brazil’s state-controlled oil and gas company, and most of what it produces comes from the pre-salt, reservoirs under a thick layer of salt far off the coast. Its plan for 2026 to 2030 keeps oil and gas as the top priority, spends more on refining in the plants it already has, and moves into low-carbon fuels mostly through partners.

Exploration and Production

US$69.2 billion over the five years, 62% of it in the pre-salt fields.

  1. New production systemsStart eight new production systems by 2030, seven of them already contracted, with ten more projects planned after 2030.
  2. BúziosComplete 11 production ships in the Búzios field by 2027, with P-78, P-79, P-80, P-82, and P-83, and a twelfth, P-91, out to tender.
  3. ExplorationSpend US$7.1 billion on exploration to replace reserves, from Brazil’s Equatorial Margin to Colombia, São Tomé and Príncipe, and South Africa.
  • 16 January 2026Oil production was 2.40 million barrels a day in 2025, 11% more than in 2024 and above the top of its target range.
  • 28 July 2026Production reached a record 3.34 million barrels of oil equivalent a day in the second quarter of 2026, after P-79 started up in Búzios on 1 May.

US$109 billion of investment from 2026 to 2030

Petrobras plans to invest US$109 billion from 2026 to 2030. US$91 billion is in projects it means to carry out, and US$10 billion of that goes ahead only if a check on cash flow and debt each quarter allows it. The other US$18 billion is in less mature opportunities it is still evaluating.

  • Exploration and Production69US$69.2 billion
  • Refining, Transportation, and Marketing16US$15.8 billion
  • Gas and Low-Carbon Energies4US$4 billion
  • The rest of the US$91 billion2about US$2 billion, worked out
  • Under evaluation18US$18 billion

Each pipe is US$1 billion. By business, each business’s investment is rounded to whole billions, and the last US$2 billion of the US$91 billion, beyond the three businesses, is worked out.

Búzios passes a million barrels a day

Búzios, in the Santos Basin pre-salt, reached 1 million barrels of oil a day with six platforms in 2025. Two more have started since, and the plan takes the field to 11 by 2027.,

Almirante TamandaréP-78P-79P-80P-82P-83P-91

2025

1 million

barrels of oil a day, operated

Búzios reached 1 million barrels of oil a day with only six platforms. The newest, Almirante Tamandaré, produced about 240,000 a day by the end of the year.

  • On station
  • Contracted, due by 2027
  • Out to tender

The breakeven falls to US$48 a barrel by 2030

Petrobras plans its cash so that net debt stays level with Brent at US$59 a barrel in 2026 and US$48 by 2030, helped by US$12 billion of expected savings in operating costs from 2025 to 2030. On that plan it estimates US$45 billion to US$50 billion of ordinary dividends over the five years. In the second quarter of 2026, with Brent averaging US$104.52, it made US$7.7 billion of free cash flow and approved R$17.4 billion for shareholders.

20406080100$25$30.4$48$59$104.52
0153045607590US$70.8bnGross debt, 30 June 2026
  • The plan’s limit on gross debt, US$75 billion
  • The level it converges to, US$65 billion

In US dollars a barrel. The breakevens are the Brent prices at which the plan’s cash flow keeps net debt level.,

  1. Keep a list of projects that must earn their budget.

    Petrobras split its US$91 billion of committed investment into US$81 billion with a budget and US$10 billion that is confirmed only after a quarterly check on cash flow and debt. We recommend naming the projects that go ahead only if money allows, and deciding in advance when you will look again.

  2. Plan for the low price, not the likely one.

    The plan is built to hold net debt steady with Brent at US$59 a barrel in 2026 and US$48 by 2030, and projects are approved only if they make money in all three of its price scenarios. We recommend testing a plan against a bad year for your biggest outside variable, and saying which work stops if it comes.

  3. Say where you will not build.

    Petrobras will add 320,000 barrels a day of refining capacity without a new refinery, and will enter biofuels mostly as a minority partner. We recommend stating how you will grow as clearly as where, so teams do not start projects the plan never meant.

Sources

  1. 1. Petróleo Brasileiro S.A. – Petrobras (2025). Petrobras approves Business Plan 2026-2030. Petrobras Agency, 28 November 2025. agencia.petrobras.com.br
  2. 2. Petróleo Brasileiro S.A. – Petrobras (2026). Petrobras surpasses 2025 production targets. Petrobras Agency, 16 January 2026. agencia.petrobras.com.br
  3. 3. Petróleo Brasileiro S.A. – Petrobras (2026). Production and sales report, second quarter of 2026. Form 6-K, US Securities and Exchange Commission, 28 July 2026. sec.gov
  4. 4. Petróleo Brasileiro S.A. – Petrobras (2026). Financial results, second quarter of 2026. Form 6-K, US Securities and Exchange Commission, 6 August 2026. sec.gov

Headwater is not connected with Petrobras. Petrobras is a trade mark of Petróleo Brasileiro S.A. – Petrobras. Updated 29 September 2026.

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