The Brazilian state-owned oil major Petrobras PBR is set to make an investment of $16 billion for the revitalization of the Campos Basin offshore Brazil. As part of this project, Petrobras plans to install three new Floating Production Storage and Offloading systems (FPSOs) and interconnect more than 100 wells over the next five years.

PBR also intends to spend $5.5 billion on oil and gas extraction undertakings, hoping to unravel new discoveries in Brazil.

Eduardo Bordieri, Petrobras’ Executive Manager of Strategy, mentioned at the Offshore Technology Conference that his company would embrace new technologies in the upcoming years for the revitalization of mature assets and the decommissioning of oil platforms. He further stated that the Campos Basin accounted for about 25% of the company’s total output in 2021 and explained that without investments, future production from the Campos Basin would be about a third of what Petrobras now anticipates to accomplish by 2026.

PBR said that the FPSOs ‘Anita Gabribaldi’ and ‘Anna Nery’ will be installed in the Marlim field and will have the capability of producing up to 150,000 barrels per day (bpd). The FPSO ‘Maria Quitéria’ will be installed in the Jubarte field in the North Campos Basin and will have a capacity of 100,000 bpd.

In accordance with its Strategic Plan 2022-2026, Petrobras plans to add a volume of 20 billion barrels of oil equivalent (boe) to its reserves by the end of this decade, including 5 billion boe, which are expected to be added from assets operated by the company in the Campos Basin.

Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation, and production of oil from reservoir wells, shale and other rocks as well as the refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons, among other energy-related activities.

Petrobras currently sports a Zacks Rank #1 (Strong Buy). Other top-ranked stocks from the energy space that warrant a look include Earthstone Energy ESTE, Oasis Petroleum OAS and Imperial Oil IMO, each sporting a similar Zacks Rank. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Earthstone’s 2022 earnings has been revised upward by about 21.4% over the past 60 days from $2.80 to $3.40 per share. Earthstone’s stock has increased 32.3% in a year.