Petrobras plans to spend $75.7 billion from 2020-24 with an eye toward growing combined oil and gas production by about 5.8% annually and reducing gross debt by nearly $29.9 billion by 2021. The five-year strategic plan by Brazil’s oil giant envisions 85% of spending will be allocated to exploration and production activities, with the aim of reaching production of 3.5 million barrels of oil equivalent per day by 2024, up nearly 28.3% from estimated production of 2.7 million boe/d in 2020, the company said recently.
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