Energy Advisor

Cleveland M. Jones, professor and researcher at the National Institute of Oil and Gas at the State University of Rio de Janeiro: “Despite pressure from the Lula government for a greater emphasis on projects that generate more social benefits (that is, jobs), years of attempts to politically influence its business decisions, especially during the Bolsonaro administration, have taught Petrobras how to weather political pressures while providing some measure of appeasement. Thus, while the new 2024-2028 strategic plan does significantly increase the budget for its core businesses (exploration, production and downstream), it also allocates $11.5 billion to what it calls low carbon energy in a clear attempt to please proponents of a faster diversification away from its fossil fuel base and toward businesses perceived to provide more social benefits. Considering that Petrobras derives exceptional profitability from its main offshore assets, especially…”