RIO DE JANEIRO, Sept 16 (Reuters) - 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.

Melgarejo told Reuters that the 2025-2029 plan, which is

currently being drafted, does not foresee any major merger or

acquisition and is unlikely to require greater debt and cash

when compared to the 2024-2028 one.

"We'll have a more upstream-focused vision," Melgarejo said

in an interview, without making immediately clear what was being

deemphasized. "Every drop of oil is important to the company -

if economically viable, obviously."

He said the current plan predicts a reduction in

Petrobras' oil and gas reserves as early as 2030, a scenario he

described as "uncomfortable."

Melgarejo was named CFO in June as part of a

broader shake-up

that saw Brazilian President Luiz Inacio Lula da Silva

replacing former chief executive Jean Paul Prates with Magda

Chambriard as he pushed the oil giant to speed up investments.

Melgarejo spoke after Petrobras completed the issuance

of $1 billion in dollar-denominated global notes, a transaction

he said reflected the confidence markets have in Petrobras under

Chambriard.

Petrobras has been looking to explore the

environmentally sensitive Equatorial Margin, Brazil's most

promising oil frontier, and has projects in other countries such

as exploring natural gas in Colombia.

"This (reserve) reduction from 2030 is uncomfortable for

the current management. The focus is to try to replenish

reserves as much as possible," Melgarejo said. "Without losing

sight of the energy transition, but one cannot overshadow the

other."

Released last year under Prates, Petrobras'

2024-2028 strategic plan

foresees $102 billion in investments including potential

acquisitions and low-carbon initiatives such as biorefining, and

wind and solar power.

Melgarejo said no major acquisitions would be included

in the new investment plan, and emphasized that it would also

not require Petrobras to contract much debt.

"We will move there in a certain normality, without

major or abrupt changes," he said.