Oil and Gas Exploration and Production
Oil and natural gas exploration and production are our core activities. We seek to increase our reserves and develop production to make sure we can meet the increased demand for energy. With technology and the persistence of our employees, we overcome challenges that once seemed impossible, such as the deep waters of the Campos Basin, in the 1970s. Today, production in deep pre-salt waters is already a consolidated reality. Therefore, we are always expanding our operations in a sustainable manner in areas with great potential for exploration and production.
Most of our oil reserves are in offshore fields, which has led our drilling activities to reach ever-greater depths. Over the next five years, 13 new production systems are expected to come on stream, which will ensure a 5 percent growth in production by 2023. In 2019, we expect to reach total oil and gas production (Brazil and abroad) of 2.8 million boe (barrels of oil equivalent).
To operate in the pre-salt and post-salt regions, seven new production systems were put into operation recently, six of which in the pre-salt (P-74, P-75, P-76, and P-77) in the Búzios field, and P-69 and P-67, in the Lula field -, in addition to FPSO Cidade of Campos dos Goytacazes, in the Tartaruga Verde field, in the Campos Basin.
Until 2023, we plan to invest US$ 68.8 billion in oil and gas exploration and production.