Petrobras reviews strategic plan and increases investments in low-carbon projects

Petrobras informed this Thursday (6/1) that the Board of Directors of the state-owned company approved the revision of the Strategic Plan from 2024 to 2028, which foresees an increase in investments in low-carbon projects and the search for new deposits of oil and gas in the next five years (see in full).

According to the company, the so-called Capex (investment director) provides for 6% to 15% of resources for low carbon projects, against just the maximum of 6% in the original plan. Jean Paul Prates, president of Petrobras, said that the new guideline aims to lead the state-owned company to a diversification of energy generation.

“We are preparing the company for the future, to be a company with national operations and diversified in energy. We will do this while preserving profitability and financial sustainability, with safety, respect for the environment and total attention to people. We have already reorganized the company’s structure, created the Energy Transition and Sustainability Board and now we are going to focus on the details of the new Strategic Plan”, he said.

The initiatives that will receive funds, however, should only be detailed in November, when Petrobras consolidates the plan for the coming years. The state-owned company claims that they will be projects in renewable energy and decarbonization of operations, financed by operating cash flow and “through partnerships that allow sharing risks and expertise”, it said in a statement.

Petrobras’ New Strategies

Among the new strategies established by the revision of Petrobras’ plan is the reinforcement of the objective of exploring “new frontiers” of prospecting for oil and gas to “replenish the reserves”, but without explaining what they are. The company is in a dispute with Ibama to obtain the environmental license to drill a well near the mouth of the Amazon River, in Amapá, which has led to an internal crisis in the government between the ministries of the Environment and Mines and Energy.

Petrobras also states that it intends to “maximize the value of the portfolio with a focus on profitable assets”, in addition to increasing the supply of natural gas and promoting the decarbonization of operations. It also includes in this aspect the insertion of renewable sources and the performance in low carbon businesses.

Another point of the new plan is to improve the industrial park and the supply and logistics chain, seek self-sufficiency in derivatives, improve existing products and develop new products towards a low carbon market.