Latin America Advisor
Energy Advisor
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Does Petrobras Have the Right Focus for its Investments?
The five-year plan for Brazil’s Petrobras will focus on upstream operations, the state oil company’s chief financial officer said last month. A Petrobras oil platform is pictured. // File Photo: Petrobras.
Petrobras’ five-year plan will emphasize upstream operations in an effort to rebuild oil and gas reserves, the Brazilian state oil company’s chief financial officer, Fernando Melgarejo, told Reuters on Sept. 16. What are Petrobras’ top priorities for the coming years? Is the company spending money in the right areas? Will it be able to ramp up production and satisfy President Luiz Inácio Lula da Silva’s desire that the firm become central to the country’s economic growth?
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Alfonso Blanco, director, and Michael Kerns, program assistant, both at the Energy Transition & Climate Program at the Inter-American Dialogue: “Brazil’s 2023 rise to become the world’s eighth-largest oil producer was largely fueled by Petrobras’ focus on offshore exploration and production, cementing Petrobras as a key driver of the Brazilian economy. Last year, Petrobras contributed more than 70 percent of Brazil’s production of oil, which surpassed three million barrels a day. Under the Lula administration, Petrobras’ expanded $102 billion investment plan (up 31 percent from its previous $78 billion allocation) signals that…”
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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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