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

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FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro
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SAO PAULO (Reuters) -Brazilian state-run oil company Petrobras said on Friday its capital expenditure (capex) plans for the 2022-2026 period are likely to be between $60-70 billion, confirming a Reuters story published on Thursday.

Petrobras said in a securities filing that the new capex is still under analysis by its board of directors, but noted that "figures mentioned in the story are close to those ... under evaluation".

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. The new 5-year plan is expected to be released on Nov. 25.

In addition, the company said in a separate filing that it has found presence of hydrocarbons in a well in its Aram block, located in the subsalt of the Santos basin. It said it could now better evaluate the asset's potential and direct the next steps for its exploration.

Petrobras operates the Aram block with an 80% stake, while China's CNODC holds the remaining part.

(Reporting by Gabriel Araujo; editing by Philippa Fletcher)

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