To facilitate compliance with the Company’s long-term strategic objectives, the businesses create work plans in the short and medium term, which serve as a roadmap for the coming years. In this context, the Exploration and Production area launched the RISE Program, which will guide the Company’s actions in Upstream until the year 2020.
It is a natural continuation of its successful predecessor (the Cost Efficiency program) that, among many other things, helped us comply with the objectives set out in the Company’s Strategic Plan for 2018, two years ahead of the initial schedule.
We have now deployed the RISE program, which stands for Resilience, Innovation, Sustainability, and Engagement. Through efficiency and digitalization measures, the goal is to generate one billion dollars more free cash flow by 2020 than in 2017, in a scenario of US$50/bbl of Brent and Henry Hub at $3/MMBtu. On December 31, 2018, we had already identified 1,200 initiatives to do just that.
RISE has two key pillars: Performance and People. The first refers to operational aspects, which seek to increase production and improve the profitability of our assets, supported by the digitalization process in the Company. The second pillar focuses on people and seeks to find new work and leadership methods that promote more agile and effective ways of achieving operational objectives.