Petrobras Keeps Refining Outlays in 2026–2030 Plan as Lower Oil Prices Drive Cost Discipline

Overview

• Petrobras will maintain major investments in refining, transport, commercialization, petrochemicals and fertilizers in the 2026–2030 plan while pursuing cost optimizations prompted by lower oil prices, including possible deferrals of refinery turnarounds and supplier price renegotiations.
• Exploration remains a priority, with drilling focused on Amapá in the Equatorial Margin, licensing under way for five additional areas, and seismic requests in Pelotas where whale migration windows shape timing.
• Petrobras is negotiating price reductions with SBM for the Seap-1 and Seap-2 platforms under a build-operate-transfer model after the company submitted the lowest bid in the latest tender.
• The P-79 platform is being collected in Singapore with expected arrival around January 2026, which could bring forward up to two months of roughly 180,000 barrels per day of processing.
• Executives voiced optimism about a Braskem solution via an agreement with Novonor and banks that would expand Petrobras’s participation and bolster the petrochemical firm’s capital structure.