Brazil’s state-owned oil and gas company Petrobras has announced it will invest US$68 billion (€60 billion) over the next five years in capital projects, an increase from the previous budget proposed at the start of the year. As the Financial Times reports, most spending will be on oil production and exploration, with a particular focus on tapping “pre-salt” deep sea reserves, which the company expects will offer low-cost production and lower carbon dioxide emissions per barrel compared to the average. Chief executive Joaquim Silva e Luna, appointed by Brazilian President Jair Bolsonaro in February despite having no industry experience, said the company’s focus is “to gain time in this race looking towards the 2050 horizon, when the use of fossil fuels could decrease in the world. We want to be an option. As long as there is a need, Petrobras will be [there] because of its efficiency and low carbon content.”