A PetroBrazil announced its business plan for the period 2025 to 2029, maintaining approximately 70% of its investments allocated to the fossil fuel exploration and production segment.
Of the US$111 billion earmarked for the five-year period, US$77,3 billion will be invested in sources such as oil and coal. Around 60% of this amount will be earmarked for pre-salt assets.
One of the new features of the document is the 42% increase in resources allocated to what the company defines as “energy transition”.
The amount set aside increased from US$11,5 billion in the previous plan to US$16,3 billion. However, almost half of this amount (US$7,1 billion) will be earmarked for the production of bioproducts, such as ethanol, biomethane and biorefining.
In the "low carbon energy" sector, the PetroBrazil has raised its investment forecast from US$5,5 billion to US$5,7 billion. Of this total, US$4,3 billion will be directed towards the construction and maintenance of photovoltaic and onshore wind power plants.
Another $500 million is earmarked for hydrogen projects, while $900 million will go toward CCUS (carbon capture and storage) initiatives, offshore wind farms and corporate venture capital funds.
"This volume represents 15% of the total CAPEX projected for the five-year period, an increase compared to the 11% of the previous plan, and a growth of 42% compared to the previously estimated values," highlighted the... PetroBrazilians in note.
To decarbonize its operations, the company also increased its resources from US$3,9 billion to US$5,3 billion.
Of this amount, US$4 billion will be used to reduce toxic gas emissions, while US$1,3 billion will go to the company's Decarbonization Fund, created to support these actions.
A PetroBras also reported that, in renewable energy generation projects, the strategy will be to work primarily in partnership with large companies in the sector.
The goal is to decarbonize operations, integrate low-carbon solutions into its portfolio and take advantage of market opportunities in Brazil.
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