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Petrobras says likely to raise 2022-2026 capex to $60-70 bln

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  • PBR-A

SAO PAULO, Nov 19 (Reuters) - Brazilian state-run oil company Petrobras said on Friday its capital expenditure (capex) plans for the 2022-2026 period is likely to be between $60-70 billion, confirming a Reuters story published on Thursday.

Petrobras added, however, that the new capex is still under analysis by its board of directors. Reuters first reported on Thursday, citing sources, that Petroleo Brasileiro SA - as the company is formally known - is expected to commit between $60 billion and $70 billion in capex in its next multi-year business plan as it focuses on exploration and production in subsalt areas. For the 2021-2025 program, Petrobras had previously forecast a capex of $55 billion. (Reporting by Gabriel Araujo; editing by Philippa Fletcher)