Time: 2024-08-10
Petrobras , the state - run oil giant in Brazil , has revised its 2024 capex projection under CVM Resolution No . 44/21 . The company now plans to invest between US3.5 billion and US4.5 billion this year , a decrease from the original forecast of US8.5 billion . This adjustment mainly affects the exploration and production segment , with investments ranging from US1.1 billion to US2.1 billion . Despite the change , this revised investment amount will not impact the oil and gas production curve . It represents a 7 % to 15 % increase compared to Petrobras ' total capex in 2023.
The new capex projection is based on current information available to the company . It is essential to note that the statements and future insights provided by Petrobras should not be seen as guarantees of performance but rather as subject to risks and uncertainties related to economic , regulatory , and competitive conditions in the countries where the company operates . These projections are also influenced by Petrobras ' strategic and operational decisions.
In the second quarter of the year , Petrobras reported a net loss of US44 million , a significant shift from the US.83 billion profit in the same period last year . The company 's finance and investor relations director , Fernando Melgarejo , highlighted that despite the loss , it had no substantial impact on cash flow . This was attributed to events such as exchange rate fluctuations and the positive market response to the tax transaction decision , which resolved billion - dollar disputes and brought more certainty to the company 's financial stability.
Petrobras continues to emphasize its commitment to the petroleum industry despite the changing investment landscape . The company 's revised capex projection for 2024 reflects its adaptability to market conditions and its strategic focus on sustainable growth in the oil and gas sector . As one of the key players in Brazil 's energy market , Petrobras remains a significant contributor to the country 's economic development and energy needs.
With a revised investment strategy in place , Petrobras aims to navigate the challenges of the oil and gas market while maintaining its position as a leading player in the industry . The company 's resilience and flexibility in adjusting its capex projection demonstrate its commitment to long - term growth and stability in the ever - evolving energy sector.
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