PBR's CFO outlines a "realistic" 2025-2029 plan with a potential debt ceiling increase and a focus on expanding oil and gas reserves.

CFO Fernando Melgarejo said the company's next five-year business plan will contain "realistic" spending levels and possibly include an increase in how much debt the company can take on, Bloomberg reported Monday.

Petrobras is set to emphasise upstream oil and gas operations in its forthcoming 2025-29 strategic plan, reported Reuters, citing the company’s CFO Fernando Melgarejo. The Brazilian state-run oil company is crafting a strategy that aims to rebuild its oil and gas reserves without relying on significant mergers or acquisitions.

Petrobras' new multi-year strategic plan will have greater focus on upstream operations than the previous one, Chief Financial Officer Fernando Melgarejo said on Monday, as the Brazilian state-run firm looks to rebuild oil and gas reserves.