Brazil Oil and Gas Petrobras Business Plan

Petrobras recently announced that between 2026 and 2030, it plans to invest a total of US$109 billion. Of that, US$91 billion goes to ongoing projects and US$18 billion to new projects. Most of the projected investment, over US$78 billion, is dedicated for upstream oil & gas exploration and production (E&P), including a heavy emphasis on pre-salt and post-salt deep-water fields. Petrobras also forecasts peak oil production of 2.7 million barrels per day (bpd) by 2028 and total oil & gas output of 3.4 million barrels of oil equivalent per day (boed) in 2028–2029. The investment plan also retains investments in refining, transportation, petrochemicals and fertilizer production, along with a more modest allocation toward gas, low-carbon energy, biofuels, and decarbonization initiatives, reinforcing the company’s balanced strategy of sustaining core oil & gas operations while gradually engaging in energy transition projects. 

For U.S. companies, especially suppliers of technology, equipment, and engineering services, the scale and composition of Petrobras’ investment plan present substantial export opportunities. The heavy upstream investment (deep-water E&P, pre-salt development, new production systems, FPSOs and associated infrastructure) creates demand for qualified offshore equipment and services, drilling rigs, subsea equipment, marine support vessels, and advanced exploration and production equipment. Similarly, the planned expansion and modernization of refining and petrochemical/fertilizer assets open spaces for suppliers of refinery equipment, process technologies, catalysts, engineering and EPC services. 

Finally, given Petrobras’ growing commitment to gas, biofuels, and low-carbon energy segments, U.S. firms offering gas-processing equipment, CCUS, environmental technologies, or energy transition project development expertise may find partnership opportunities, as Petrobras seeks to combine its core hydrocarbons business with gradual diversification toward lower-carbon and higher-value products.

For more details, please contact Carlos Oliveira, carlos.oliveira@trade.gov, Oil & Gas Commercial Specialist, U.S. Commercial Service, Rio de Janeiro.

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