Brazil's state-run oil company Petróleo Brasileiro SA said it would nudge up investment in the 2018-22 period to $74.5 billion from a prior $74.1 billion forecast for 2017-21.

Petrobras plans to increase its investments as it seeks to boost output and shore up its finances.

Petrobras said the lion's share, about $60.3 billion, would go toward exploration and production, while a further $13.1 billion would be spent on refining and natural gas.

The company said it sold $4.5 billion in assets this year.