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Petrobras' investments amount to US$111 billion, and US$4,3 billion will be allocated to solar and wind energy. In 10 years, renewable sources will account for half of the state-owned company's revenue.
Petrobras recently announced its business plan for the period 2025 to 2029, maintaining approximately 70% of its investments in the fossil fuel exploration and production segment. Of the total US$111 billion planned for the five-year period, US$77,3 billion will come from sources such as oil and coal. Approximately 60% of this amount will be allocated to pre-salt assets. It is worth mentioning that part of Petrobras' investments will be directed to the solar and wind energy sector.
Check out the details revealed about Petrobras' investments in solar and wind energy
One of the new features of the document is the increase in 42% in resources allocated to what the company defines as energy transition. The amount set aside increased from US$11,5 billion in the previous plan to US$16,3 billion. However, almost half of this amount, US$7,1 billion, will be used for the production of bioproducts, such as ethanol, biomethane and biorefining.
In the low-carbon energy sector, Petrobras' investments were increased from US$5,5 billion to US$5,7 billion. Of this total, US$4,3 billion will be allocated to the construction and maintenance of onshore solar and wind power plants.
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Another US$500 million of Petrobras investments are reserved for projects hydrogen, while US$900 million will go towards carbon capture and storage (CCUS) initiatives, offshore wind farms and corporate venture capital funds.
According to the company in a note, this volume represents 15% of the total CAPEX forecast for the five-year period, an increase in relation to the 11% of the previous plan, and a growth of 42% in relation to the values previously estimated.
Understand Petrobras' objective with solar and wind energy
To decarbonize its operations, the company also expanded its resources from US$3,9 billion to US$5,3 billion. Of this amount, US$4 billion will be used to reduce pollutant gas emissions, while US$1,3 billion will go to the company's Decarbonization Fund, created to support these actions.
Petrobras also reported that, in renewable generation projects, the strategy will be to work preferably together with large companies in the sector. The objective is to decarbonize organizations, integrate low-carbon solutions into its portfolio and take advantage of market opportunities in Brazil.
According to the company, this year the plan was divided into two parts: PE 2050, which proposes reflecting on the future of the planet and how the company wants to be recognized in 2050, and PN 2025-29, with short and medium-term goals.
50% of the State's revenue will come from solar and wind energy
In ten years, half of Petrobras' revenue will come from solar and wind energy, as well as renewable fuels, with the company making purchases aimed at boosting the energy transition, according to Jean Paul Prates, president of the state.
The executive states that, despite Petrobras' investments, the company does not plan to make drastic changes to the company's strategy, but pointed out that the state-owned company needs to be prepared for the opportunities that the renewable energy sector can provide.
Initially, the state-owned company is considering investing in solar and wind projects on land before also investing in offshore plants, that is, on the high seas. According to Prates, the Brazilian company is also willing to expand plant-based fuel to the transportation sector, especially aviation and maritime.
