Despite recent events and the significant drop in oil barrel prices (around US$ 20), Petrobras maintains its direction in the oil and gas sector. President Roberto Castello Branco assured that the company will not change its position, which is focused on exploration and production.
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The president, who participated in a webinar promoted by FGV Energia (Getúlio Vargas Foundation), was questioned whether Petrobras was not going against the direction of other companies in the sector, which are diversifying businesses and adopting investments and production of renewable energy. Castello Branco responded by saying that “Petrobras is definitely not going against anything.”
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According to him, Petrobras is focusing its efforts on exploration and production to take advantage of its expertise and the high qualification of its employees. He stated, “No one does this better than Petrobras. We could not leave this aside.”
Regarding renewable energy, “Petrobras has already lost a lot of money entering areas where it had no knowledge, such as the production of palm oil and castor beans. Irresponsible adventures that resulted in clear losses for Petrobras and its shareholders.”
“We only enter a business when we believe we have the competence to succeed in that business. We will not enter a business just because it is a wave or fashionable to invest in renewables,” he stated.
Speaking of another subject, divestments, the company’s president assured that the program will remain intact and that the assets will be sold.
“We have the confidence, given to us by the buyers, that the financial liquidation will occur when it is scheduled,” he said. “These transactions must comply with preconditions, as in the case of Liquigás, which needs CADE approval. The buyers are firm, waiting,” he added.
Additionally, Roberto informed that the company is intensifying cost-cutting measures to face the adverse scenario. “We are preserving all research projects, which are essential for leaps in efficiency and cost reduction. For example, the EXP 100 program, which aims to reduce to practically zero the probability of not finding oil in a well through the use of artificial intelligence.”

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