HOUSTON, Nov 30 Reuters Brazil39; statecontrolled oil producer Petrobras on Wednesday disclosed a 15 increase in its fiveyear spending plan to 78 billion, with little change to the company39;s strategy of focusing on fossil fuel production.

The last Petrobras business approved under President Jair Bolsonaro could be scrapped next year, as a newly elected government that takes office on Jan. 1 has signaled it will change the company39;s top management and review its strategy.

Petroleo Brasileiro SA, as the firm is formally known, expanded planned investments between 2023 and 2027 by 10 billion compared with the 20222026 plan, it said in a filing.

The spending increase comes despite a reduction in the production target for 2023 of 100,000 barrels of equivalent oil per day boed to 2.6 million boed, the same it produced in 2015. Higher costs for drilling wells partially explains the added investments.

The company has also approved additional shortterm drilling for existing projects above the company39;s longterm breakeven of 35 per barrel.

Exploration and production will make up 83 of the spending, with production set to increase to 3.1 million boed by 2027.

Petrobras expanded investments to curb carbon emissions to 6 of the total from 4 before. It also more than doubled its decarbonization fund to about 600 million.

The company set a higher price for carbon 90 per tonne, from 50 before which expands the list of projects viable for approval.

President elect Luiz…