Brazil's Petrobras pledges to invest in renewables and hydrogen

Petrobras will advance in wind, solar and hydrogen energy, the Brazilian federal oil company's new CEO Magda Chambriard said in Rio de Janeiro on Wednesday on officially assuming the post. 

Chosen in May by President Luiz Inácio Lula da Silva to replace Jean Paul Prates at the helm of the state-run firm, the engineer and former director of hydrocarbons regulator ANP said 11% of the company's investments will be earmarked for low-carbon projects. 

"The path of the energy transition leads us to open and strengthen fronts in renewable energies and decarbonization, taking advantage of our expertise and focusing on the liquid fuels of the future – greener and more efficient," said Chambriard. 

Referring to natural gas as the "fuel of the energy transition par excellence," the CEO said the company will invest in expanding its infrastructure, with projects such as the completion of Rota 3 and processing units to make more gas available to the market. 

This potential market includes its own fertilizer plants, such as Araucária Nitrogenados (Ansa), which is being reactivated, and UFN III, where construction should resume soon. 

"We' ll also strengthen our operations in petrochemicals and lubricants, non-fuel products that enhance our portfolio and contribute to reducing emissions," said Chambriard. 

She stressed the need to explore new oil and gas frontiers, such as the Equatorial Margin and the Pelotas basin, to guarantee a "just energy transition" and said the oil company's refining park will be expanded and its logistics strengthened. 

"We’re going to invest in the expansion and maintenance of oil and gas pipelines, in terminals and in a shipbuilding program, guaranteeing operational reliability and generating value for Petrobras, for the shipbuilding sector and for Brazil." 

Present at the ceremony, mines and energy (MME) minister Alexandre Silveira emphasized the technical career of Chambriard, as well as the importance of following up on the company's already approved investment plan. 

"We should always be inspired by trajectories like hers. We also need to show more pride in Petrobras, which is one of the greatest assets of Brazilians. Without investment, the company won't grow and Brazil won't get anywhere. Investors can trust and be sure: the company's strategic plan will be fulfilled – the energy transition, competitive gas, fertilizers, its self-sufficiency in fuels, a stronger Petrobras," he said. 

"The Petrobras of the Brazilian people has to promote a fair and inclusive energy transition. It needs to seek energy security by replenishing our oil and gas reserves," he added.