Brazil's state-owned oil company has been seeking to explore the Equatorial Margin, Brazil's most promising but environmentally sensitive oil frontier, and has projects in other countries such as natural gas exploration in Colombia.

Petrobras' new multi-year strategic plan will focus more on exploration and production operations than its previous one, Chief Financial Officer Fernando Melgarejo said on Monday, as the Brazilian state-run company seeks to rebuild its oil and gas reserves.

Melgarejo told Reuters the 2025-2029 plan, which is currently being drawn up, does not envisage any major mergers or acquisitions and is unlikely to require more debt and cash compared with the 2024-2028 plan.

"We will have a more upstream-focused vision," Melgarejo said in an interview, without immediately making clear what was being downplayed. "Every drop of oil is important for the company, if it is economically viable, obviously."

He said the current plan foresees a reduction in Petrobras' oil and gas reserves as early as 2030, a scenario he described as "uncomfortable."

Melgarejo was named chief financial officer in June as part of a broader shake-up in which Brazilian President Luiz Inacio Lula da Silva replaced previous chief executive Jean Paul Prates with Magda Chambriard as he pressed the oil giant to speed up its investments.

Melgarejo spoke after Petrobras completed the issuance of $1 billion in dollar-denominated global bonds, a transaction he said reflects the confidence markets have in Petrobras under Chambriard.

Petrobras has been seeking to explore the Equatorial Margin, Brazil's most promising but environmentally sensitive oil frontier, and has projects in other countries such as natural gas exploration in Colombia.

"This reduction (of reserves) from 2030 onwards is uncomfortable for the current administration. The focus is on trying to replenish reserves as much as possible," said Melgarejo. "Without losing sight of the energy transition, but one cannot overshadow the other."

Petrobras' 2024-2028 strategic plan, released last year under Prates, calls for $102 billion in investments, including potential acquisitions and low-carbon initiatives such as biorefinery and wind and solar energy.

Melgarejo said no major acquisitions would be included in the new investment plan, and stressed that it would not require Petrobras to take on much debt either.

"We will move forward with a certain normality, without major or abrupt changes," he said.