Petrobras studies investing in Bolivia, Venezuela and Guyana – 05/30/2023 – Market

Petrobras has plans to resume its investments in Bolivia, Venezuela and Guyana. The president of the state company, Jean Paul Prates, said this Tuesday (30th) in a meeting with the Bolivian president, Luis Arce, that the company should seek new business opportunities in gas exploration and energy transition.

“We are preparing Petrobras for a new phase in refining. We want to revisit neighboring countries, such as Bolivia, Venezuela and Guyana, and discuss some points such as contractual terms, new potential for gas exploration and the preparation of companies for the energy transition”, said in a note.

Prates stated that companies that have the state as a majority partner, such as Petrobras and the Bolivian YPFB, are necessary for the energy transition in the world.

Petrobras also informed that it plans to carry out industrial tests in partnership with Refinaria Riograndense, aiming at the production of petrochemical products and renewable fuels. According to the company, the initiative paves the way for the development of biorefining technologies in Brazil.

The meeting at the Itamaraty Palace, in Brasília, was also attended by other Petrobras executives, such as the Executive Director of Exploration and Production, Joelson Falcão, and the Executive Manager of Institutional Relations, João Paulo Madruga.

According to the statement from Petrobras, Luis Arce highlighted that Bolivia is available to sit down and seek joint solutions for both countries. Prates and the Bolivian president will meet again in the second half of this year, in Bolivia, to discuss trade agreements between the countries.