Good morning and, to our American readers, happy Thanksgiving! Today, Petrobras business plan big on deepwater oil and small on emissions reductions. Swedish fighter jet deal starts delivering the goods. São Paulo reaches massive vaccination milestone.
Can ESG co-exist with drilling oil?
Brazil’s oil and gas giant Petrobras released its strategic plan for the years 2022-2026 on Wednesday. While the company claims to be committed to ESG (Environment, Social, and Governance) principles, the plan shows that Petrobras’s future is entirely centered around Brazil’s pre-salt deepwater oil reserves.
By the numbers. Between 2022 and 2026, Petrobras believes its oil production will go up 24 percent and, in a detail that went almost unnoticed, it mentions the inclusion of 15 new oil platforms in its operations.
- Per consultancy IHS, all of the world’s other oil companies combined plan on adding 37 new platforms until 2026.
- Moreover, 67 percent of the USD 68 billion planned for investments will go toward pre-salt assets (and 84 percent of all investments will finance exploration and production).
- Until 2026, Petrobras will invest USD 1.8 billion in operations to reduce its net emissions.
Why it matters. The strategy for Petrobras shows a lack of ambition to enhance its...