At a meeting held on February 26, 2015, our executive board approved the revision of the divestment plan for the 2015-2016 biennium. The total amount of the plan adds up to $13.7 billion, divided in the areas of exploration & production in Brazil and abroad (30%), Downstream (30%), and Gas & Power (40%).
The approved divestment volume represents an increase when compared to the amount foreseen under the 2014-2018 Business and Management Plan, which was $5 to $11 billion, as announced in February 2014. This plan is part of our financial planning that aims to reduce leverage, preserve cash and focus on priority investments, notably oil and gas production in areas of high productivity and return in Brazil.
We emphasize that the value approved, $13.7 billion, is our best estimate. However, it is sensitive to market variables such as the price of the Brent crude oil barrel, the exchange rate, and Brazilian and global economic growth, among others. Changes in these variables can cause us to modify our divestment target.
It is worthy of note that that each asset divestiture will be submitted to the review and approval of the required Governance instances, such as the Executive Board and the Board of Directors. These transactions are also subject to the approvals of the relevant regulatory bodies in Brazil and abroad, when applicable.