Updates with investment plans in paras 3-4 and explorations plans in paras 8-9
Brazilian state-controlled Petrobras' investments increased by 24pc in the third quarter from a year earlier, as the firm continues to focus on production in the offshore pre-salt.
Petrobras spent $5.5bn in capital expenditure (capex) in July-September, of which $4.7bn was for exploration and production.
Of this investment in exploration and production, $2.7bn went to developing production of the pre-salt cluster in the Santos basin, particularly the construction of seven new floating production, storage and offloading units that will serve the Buzios, Atapu and Sepia fields.
A further $900mn went to developing production in the Campos basin's pre- and post-salt, and $500mn went to exploration.
Total investments over the first nine months of the year were $14bn, a 29pc increase on the same period last year. The company has speeded up investment execution due to projects being brought forward, rather than higher costs, and is on track to meet guidance by year's end, directors said.
Capex guidance for 2025 as outlined in Petrobras' 2025-2029 business plan is $18.5bn. The firm is due to present an updated plan at the end of November. There are no plans to cut investments next year, said the director for engineering, technology and innovation, Renata Baruzzi.
Petrobras posted a profit of R32.7bn ($6bn) in the third quarter, a 0.5pc increase on the same quarter last year and 23pc more than in the previous quarter.
Higher crude production as well as stronger crude exports and domestic sales of diesel drove the third quarter result, Petrobras said. It also cited a small rallying of oil prices, with the price of Brent growing by 2pc compared with the second quarter, and lower operational costs, as contributing factors.
The company's board approved a payout of R12.16bn ($2.3bn) to shareholders, or R0.9432/share, down from R1.3282/share a year earlier. Dividends will be paid in two installments, in February and March.
Exploration going forward
Petrobras celebrated receiving regulatory approval last month to drill an exploratory well in the Foz do Amazonas basin off Brazil's northern coast.
This is the most coveted area in the equatorial margin, a new oil frontier which could contain reserves similar to those found off Guyana.
The company hopes to find oil in this first well, named Morpho, but if not it will continue exploration, director for exploration and production Sylvia Anjos said. "We are already planning for eight wells in the region," she said.

