Brazil’s Petrobras plans to invest $68 billion in expanding its crude oil production, a figure that represents 84 percent of its total planned investments for the period 2022-2026. Offshore Technology reports that the number is a substantial increase on previously planned investments of $55 billion Petrobras announced for the 2020-2025 period. “Petrobras maintains its consistent strategy of focusing on projects with the potential to generate resources and contribute to the Brazilian society,” said chief executive Joaquim Silva e Luna. “We prioritise transforming resources into wealth for the country while following the sustainable path for the energy transition,” he added. The company will allocate $1.8 billion from its 2022-2026 budget to decarbonization operations. In October, Petrobras reported a net profit of $5.34 billion for the third quarter of the year, with revenues of $21.78 billion, benefiting like its peers from the robust increase in international oil prices. It also boasted […]