(Bloomberg) -- Petrobras plans to boost spending on new oil drilling and other projects by almost 9% to $111 billion in the next five-year plan. 

The Brazilian oil giant’s eight-person executive office proposed that amount for the 2025-2029 period, according to a filing Monday. The plan still needs the approval of Petroleo Brasileiro SA’s board of directors and is scheduled to be released on Nov. 21.

Most of the outlays — roughly $77 billion — will go to exploration and production projects in Brazil and abroad. Chief Executive Officer Magda Chambriard said recently that Petrobras expects to drill more wells next year. Refining and related business lines such as fertilizer and logistics will account for about $20 billion in expenditures.

Overall crude and natural gas output is forecast to reach the equivalent of 3.2 million barrels a day by the end of the five-year timeline. That’s unchanged from the 2028 target set forth in the current long-range plan.

Folha de S. Paulo earlier reported the proposal.  

The company also expects to spend at least $45 billion on ordinary dividends during the five-year period, with the potential for another $10 billion in extraordinary payouts.

Petrobras’ American depositary receipts extended gains announcement, rising as much as 2.5% in New York. Preferred shares rose 1.5% in Sao Paulo.

Chambriard, who rose through the ranks at Petrobras before helming Brazil’s oil regulator in the 2010s, has eased concerns that Petrobras would take costly detours into less-profitable renewable projects at the expense of offshore drilling that made th nation a key source of non-OPEC crude.

--With assistance from Leda Alvim.

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