Petrobras has approved the Business Plan for 2009-2013 period. The plan, which for the first time includes investments in the pre-salt area in Santos Basin, envisages total investments of US $174.4 billion in 2013. This represents an annual average of US $34.9 billion, 90% of which (US $157.3 billion) in Brazil and 10% (US $16.8 billion) abroad and 55% more than the previous Plan.
This Business Plan is based on the fundamental strategies of the Strategic Plan 2020. The Plan has been revised and up-dated to take into account the changes in the international macroeconomic scenario and its impacts on oil and oil products market. The Plan did not incorporate potential cost reductions as a consequence of the drop in the international oil price although the Company recognizes that the decline in oil should create the opportunity for cost reductions and will make its best efforts to lower the cost of its investments.
Maintaining its commitment to sustainable development, the Company intends to continue expanding its activities in target markets for oil, oil products, petrochemicals, gas and energy, biofuels and distribution, being a benchmark to the integrated oil industry.
The Company's Vision to become one of the five largest integrated energy companies in the world has been maintained, based on the pillars of profitability , social and environmental responsibility, and integrated growth.
Targets for the international business also reflect the Company's integrated growth and the production of oil and gas is projected to reach 341 thousand boed in 2013. The projected combined output of oil and gas in Brazil and overseas for 2013 is 3,651 thousand boed.
In comparison with the Business Plan 2008-12, the most significant increase was in Exploration and Production, with a growth of 71% in investments equivalent to US $92 billion, or 53% of the US $174.4 billion for the 2009-13 period. The Downstream segment, with a 27% share of the investment planned, has also seen investments increased to US $46.9 billion, or a 46% rise in relation to the preceding plan. It also should be highlighted the 139% increase of investments in Gas and Energy, albeit representing only 6% of the total.
In the International segment, investments are to continue to be concentrated in Exploration and Production with a focus on Latin America, West Africa and the Gulf of Mexico. A total of US $2.4 billion will be invested in the biofuels segment through the new Petrobras Biocombustivel subsidiary.
The addition to total projected capital costs is composed of: US $47.9 billion for new projects, US $17 billion due to increase in costs and US $2.9 billion due to changes in foreign exchange rate assumptions. The remaining amount is due to other factors such as changes in projects scope, engineering design, etc.
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