Petrobras Director Says Firm Received Environmental License To Up Oil Production At Buzios Field; Petrobras' Lower Capex In 2024 Is Due To Changes In Strategy For E&P And Delay In Refining Investments; Analyzing 4 Possible M&A In Renewables; Interim E&P Director Says Petrobras To Make Effort To Have FPSO Almirante Tamandare Start Early On Buzios Field; CFO Says Capex For Next Year Will Be Higher Than This Years
Portfolio Pulse from Benzinga Newsdesk
Petrobras has received an environmental license to increase oil production at the Buzios field. The company plans to lower its capital expenditures (Capex) in 2024 due to strategic changes in exploration and production (E&P) and delays in refining investments. Petrobras is also analyzing four potential mergers and acquisitions (M&A) in the renewables sector. The interim E&P director mentioned efforts to start the FPSO Almirante Tamandare early at the Buzios field. Despite lower Capex in 2024, the CFO stated that next year's Capex will be higher than this year's.
August 09, 2024 | 3:30 pm
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Petrobras has received an environmental license to increase oil production at the Buzios field. The company plans to lower its Capex in 2024 due to strategic changes in E&P and delays in refining investments. Petrobras is also analyzing four potential M&As in the renewables sector. Efforts are being made to start the FPSO Almirante Tamandare early at the Buzios field. Despite lower Capex in 2024, next year's Capex will be higher than this year's.
The environmental license to increase oil production at the Buzios field is a positive development for Petrobras, likely boosting revenues. The strategic shift in Capex and focus on renewables could attract investors interested in sustainable energy. The early start of FPSO Almirante Tamandare could further enhance production capabilities. Despite lower Capex in 2024, the overall increase in next year's Capex indicates continued investment in growth.
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