Rio de Janeiro – Petrobras entered into an agreement on Wednesday (7) with the Brazilian Navy to invest roughly BRL 400 million (USD 100 million) in research along the Brazilian coastline – aka the ‘Blue Amazon’ – and in the Antarctic. The newly reached cooperation agreement renews for another five years the state-owned oil company’s collaboration with the Navy, which has been in place for over 30 years, Petrobras reported. Pictured are Navy commander Ilques Barbosa Junior (L), and Petrobras CEO Roberto Castello Branco.
The oil company said the partnership, which relies on backing from the National Agency of Petroleum Natural Gas and Biofuels (ANP), is intended to foster research to ensure sustainable exploration and use of maritime resources. Oil and gas research alone in Brazil amounted to BRL 2 billion (USD 503 million) in 2018.
Apart from funding, Petrobras also provides technical support and takes part in some of the scientific missions performed by the Navy. Its investments will be made under the Brazilian Antarctic Program’s Sectorial Plan for Ocean Resources.
Translated by Gabriel Pomerancblum
