The company had a business plan to meet 80% of domestic demand within five years but is now considering making Brazil 100% self-sufficient in diesel over the same period. Prices have surged due to the war in the Middle East.
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Brazilian oil giant posted in 2023 the second-best result in its history, despite a fall from a year earlier. Record highs in output supported the result.
Jean Paul Prates met with executives of the Gulf’s major energy firms earlier this week. He mentioned negotiations with them in a variety of fronts, including the opening a branch of Kuwait’s KUFPEC in Brazil.
Petrobras CEO Jean Paul Prates met with an executive of Mubadala in the UAE and said that they will collaborate to finalize the new corporate and operational structure of the Landulpho Alves Refinery, which was bought by the group.
Brazilian energy firm had its credit rating raised to BB by rating agency S&P, indicating a higher security for investors.
In a meeting with civil society members, Lula said that the country will enter the oil cartel OPEC+, and that ending some fossil fuels is a desire but a struggle, too.
The Brazilian oil company announced its 2024 – 2028 strategic plan with low-carbon projects. President Jean Paul Prates said the energy transition would be carried out responsibly without compromising the oil production still needed to meet global demand.
The Brazilian oil company had a drop in net profit. Still, it recorded its sixth-best-ever EBITDA, driven by higher oil exports and lower LNG imports.
The oil company produced 2.38 billion liters of S-10 type ultra-low-sulfur diesel in October.
Brazil’s oil giant has debuted in the market by acquiring 175,000 tons of avoided greenhouse gas emissions from a project that aims to protect the Amazon rainforest in western state Acre.
Executives from the Kuwait Foreign Petroleum Exploration Company met this week in Brazil with industry giants such as Petrobras, Chevron, and Shell.
The president of the Brazilian oil company, Jean Paul Prates, presented plans to increase gas exploration and output.
In cooperation with private company Equinor, the Brazilian oil company will assess the implementation of seven wind power generation projects off the Brazilian coast.
