Sources say that the new'supermanager' of Brazil's Petrobras has been tasked to boost investment.

Sources said that the Brazilian oil giant Petrobras appointed Wagner Victer as a "super manager" to increase capital expenditures in order to satisfy President Luiz-Inacio Lula Da Silva's demands.

Lula sees Petrobras as a vehicle for creating jobs and developing the economy, but in recent years the company faced obstacles to investing due to environmental licensing and supplier issues.

Two sources with knowledge of the situation said that Victer would oversee and coordinate the 102 billion dollar investment plan 2024-2028. This year alone, the investment plan is estimated to be $18.5 billion, mainly in exploration and oil production.

Petrobras has not responded to an inquiry for comment.

Sources, who spoke on condition of anonymity, said that the job was created to turn the firm into an engine of the Brazilian economy, while still maintaining profitability.

Victer was appointed after Magda Chabriard, the top executive of the company, took over in May. She had promised to accelerate the investments in the company, as per Lula's wish.

One source said that Victer, who spent 37 years with Petrobras was considered someone capable of bringing together the management of various parts of the business and speeding internal processes.

Petrobras' investment in the last year was $12.7 billion, which is about 21% lower than originally planned.

Victer’s appointment was part of an overall shake-up. Chambriard has changed several managers and directors since taking over.

Victer also supervises production at the Buzios Pre-Salt Oil Field in the Santos Basin. The company claims that production could quadruple by 2028. The field produced 874.800 barrels equivalent to oil per day in June. Reporting and editing by Rodrigo Viga Gaier, Fabio Téixeira, Jonathan Oatis.

(source: Reuters)