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Petrobras News
The oil and gas sector is a key player in structuring and driving the energy transition, says Prates
The President of Petrobras presented a panel on the first day of the OTC in Houston, USA.
The president of Petrobras, Jean-Paul Prates, declared today (5/6) that the oil and gas sector is a key player in structuring the energy transition and boosting it on a large scale. For him, international cooperation between companies and governments and financial arrangements are essential to boost decarbonization and ensure greater energy efficiency in support of the goal of emissions neutrality.
"This is what I call a universal challenge. Everyone will have to collaborate and work together to achieve an energy transition that leaves no one behind – not just our workers, but also suppliers, contractors, and, especially, the communities where we operate", said Jean-Paul. The president spoke on the panel "Petrobras in the Energy Transition: Producing Low Carbon Oil and Preparing for the Future" on the first day of the Offshore Technology Conference (OTC), which takes place in Houston, USA.
For the president of Petrobras, it will be up to oil companies to invest in reducing carbon (CO2) emissions while also seeking new solutions for local energy sources. He recalled that the great advantage of using fossil fuels is their low transportation cost and ability to store energy in liquid form. "Given this, one of the main challenges for global oil companies is to mitigate the need to transport energy over long distances in search of local solutions," he highlighted.
Mr. Prates reinforced the company's commitment to further reducing Petrobras' operational emissions by 2030 and the ambition to neutralize the release of greenhouse gases by 2050. "We are already responsible for more than 20% of the CO2 reinjected into the world," he said, referring to Petrobras' CO2 capture, use, and storage (CCUS) program.
New energies and bioproducts
In addition to investing in decarbonization projects, Petrobras invests in research and development projects for new energy sources and sustainable products. "We are looking at sectors that are similar to what we already do with excellence in terms of logistics, operations, and financial solutions, such as, for example, offshore wind," said Prates. He also mentioned onshore solar and wind energy and hydrogen projects, highlighting that the operation with hydrogen has similarities with that of natural gas.
Mr. Prates also highlighted Petrobras' efforts to produce co-processed sustainable products. "We are ready to be the largest biorefiners in Latin America in 10 years, using our own refineries", he declared.
In the biorefining segment, Petrobras will invest US$ 1.5 billion by 2028. These investments will support the growth of Diesel R5 production capacity, with 5% renewable content, at REPAR, RPBC, REDUC, and REPLAN. Within the horizon of the Strategic Plan, resources are also foreseen for installing dedicated aviation biokerosene and 100% renewable diesel plants in RPBC and GASLUB, which will be completed after 2028.
Over the next five years, Petrobras will invest US$11.5 billion in projects to decarbonize operations, biorefining, renewables, and new low-carbon businesses.
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