Petrobras doubles the number of hydrocarbons as part of the $ 68bn economic plan

Brazil’s Petrobras, the largest oil producer in Latin America, has increased its purchasing power to as much as $ 68bn over the next five years, with a government-sponsored group betting on its performance as low-cost hydrocarbon suppliers.

The company, whose full name is Petróleo Brasileiro, announced its 2022 to 2026 fiscal plan this week, with nearly a quarter increase compared to its previous budget of $ 55bn from this year.

The largest part will be used for oil exploration and production, and the largest portion will go to the pre-salt “deep sea”. Among the great discoveries made on the coast during this century, the company claims that its farms are cheap to use and have very little gas in the barrel.

“[Our focus is] to find the time in the competition and look at the end of 2050, when the use of fossil fuels could be reduced globally. We want to be the way it is. As long as there is a need, Petrobras will be [there] due to efficiency and carbon footprint, “Joaquim Silva e Luna, chief executive officer, told the Financial Times.

Although the overall spending plan is still below expectations before the coronavirus epidemic begins, it shows how Petrobras believes its future lies in increasing productivity.

Many opponents around the world are facing pressure from shareholders and campaigners leaving a new drill in the fight against climate change.

Wells in pre-salt mines are more productive, meaning that “drilling operations have less carbon dioxide in the barrel than in the medium. Also, it is a light oil that requires less gas to make,” says Francisco Monaldi, a colleague of the theory. of Latin American powers at Rice University’s Baker Institute.

Petrobras is determined to reduce emissions by 25 percent by the end of the decade. The company also cited a $ 2.8bn pledge of decarbonization with other projects, with critics saying it was not enough.

Rodrigo Araujo Alves, chief financial officer Rodrigo Araujo Alves said:

Comments came as signs of fat and global stocks plummeted Friday due to fears of a new strain of coronavirus, believed to be responsible for the increase in Covid-19 cases in southern Africa.

After falling by 3.9 percent on Friday, Petrobras’ stock portfolio in São Paulo fell 1.5 percent in 2021, continuing the Bovespa index which lost 14 percent.

Recent consolidation at high prices has helped Petrobras make higher profits and achieve the goal of bringing the total debt down to less than $ 60bn in advance.

It showed a significant contribution to business transformation, with the government owning about 37 percent but more than half of all voting rights.

In previous governments Petrobras was shaken by a major threat and reached a peak of recovery, after adjusting oil prices caused billions of dollars to be lost.

I am the rise of two trees Before the elections next year, Brazilian President Jair Bolsonaro has adopted the company’s move to move diesel and oil prices in line with the global market.

Silva e Luna insisted that they adhere to pricing principles despite pressure from politicians and people, and said corporate rules prevent foreign interference.

“We understand the political debate, but we hope there is no room for confusion,” he said. “Meanwhile, our investors can feel safe.”

Silva e Luna, commander of the former unarmed security forces in the oil and gas industry, was elected in February. the director was removed and Bolsonaro in disputes over oil prices.

Additional reports of Carolina Ingizza in São Paulo

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