Brazilian state-run oil company Petrobras will maintain an ambitious schedule of investments through the year 2022, the company said Thursday in announcing its latest five-year capital budget. Petrobras will invest $74.5 billion during the period 2018 through 2022, up slightly from the 2017-2021 capital budget of $74.1 billion. The lion’s share of capital expenditure will go to crude oil exploration and production, some $60.3 billion as Petrobras leads development of the so-called pre-salt offshore oil province. The rest of the capital budget will go to oil refining, natural gas development and logistics.
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