01:33 PM EST, 11/18/2024 (MT Newswires) -- Petroleo Brasileiro (PBR) said Monday it plans to invest $111 billion over a five-year period from 2025 to 2029.

The investment, subject to board approval, includes a $77 billion investment in the exploration and production, and $20 billion in the refining, transportation, marketing, petrochemicals and fertilizers segment.

Petrobras disclosed the figures in response to a media report that it said had the additional information "inaccurate or incorrect."

The firm projected 3.2 million barrels of oil and gas equivalent production per day during the 2025 to 2029 period.

It also estimated ordinary dividends with a range starting at $45 billion and flexibility for extraordinary payments of up to $10 billion during the five-year period.

Petrobras said its board will meet on Thursday to review the plan.

Petrobras shares were up over 2% in recent trading. The company had temporarily halted trading earlier pending material news.

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