Brazil's Petrobras ups investment plan to $68 bn, lowers output forecast

By 2026, Petrobras said it sees oil production of 2.6 million barrels per day.

Brazil's Petrobras said on Wednesday it expects to invest $68 billion from 2022 to 2026, a sharp increase from its previous five-year plan, as the state-run oil company seeks to grow oil production from the subsea pre-salt area.

The oil production forecast for next year fell slightly, however, with Petroleo Brasileiro SA, as the company is formally known, saying it expects to produce an average of 2.1 million barrels of oil a day in 2022, plus or minus 4%.

That is down from the 2.3 million bpd the company previously said it expected to produce next year. The company blamed the COVID-19