Petrobras makes changes to its oil & gas production and CAPEX guidance

Brazilian state-owned oil and gas giant Petrobras has revised its oil and gas production and CAPEX guidance for 2023. However, the new one is still subject to risks and uncertainties associated with the economic, regulatory, and competitive conditions of the countries in which the firm operates, as well as its strategic and operational decisions.


Petrobras’ total CAPEX guidance is now $13 billion in 2023, representing an increase of more than 30% compared to 2022. This also signifies a reduction compared to the planned $16 billion due to lower spending than planned on E&P CAPEX, which went from $13.3 to $11.2 billion.

According to the Brazilian player, the reduction is the result of the challenging scenario faced by the supply market in the post-pandemic inflationary context, which influenced the capacity to supply the growing demand for critical resources for the oil and gas industry. Despite this reduction, there was no compromise to the production target planned for 2023.  

Moreover, Petrobras’ total oil and gas production figures went from 2.6 to 2.8 million boed, with commercial production going from 2.3 to 2.4 million boed and oil and NGL production from 2.1 to 2.2 million bpd. This takes into consideration the company’s performance in 3Q 2023, its forecasts for ramp-ups and new wells planned for 4Q 2023, and new guidance with a variation of 2%.

The hydrocarbon exploration and production steps Petrobras is taking are in line with the Brazilian Ministry of Mines and Energy (MME)’s program – unveiled in March 2023 – to boost investments in oil and natural gas exploration in a bid to promote regional development and foster national production while turning Brazil into the fourth largest oil producer in the world.