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Petrobras Promises Investments in Renewable Energy and Modernization of the Naval Fleet, Under Pressure from Consumers and Shareholders.
Petrobras is one of the largest energy companies in Brazil, primarily engaged in the exploration, production, refining, marketing, and transportation of oil and natural gas. Over the years, Petrobras has become one of the most recognized companies in the country and worldwide, standing out for its expertise and innovation in the sector.
Recently, Petrobras has been notable for its plan for the third Lula government and for the partnership with BNDES, which has made available R$ 2 billion for investments in sustainable vessels, showcasing the company’s commitment to sustainability and the development of the energy sector.
Petrobras Begins the First Strategic Plan of Lula’s Third Term (PT)
Petrobras has started this year the implementation of the first strategic plan of Lula’s third term (PT) under pressure from consumers, shareholders, and the Planalto, focusing on the promise to become a driver of the country’s development again, shows a special report from the epbr agency.
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While the world still relies on polluting and slow energy, the island of Samsø in Denmark has started producing 40% more energy than it consumes, with 11 turbines, projects of up to 40 million euros, and a sustainable revolution built by just 4,000 inhabitants.
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French group Qair invests in Ceará with the Bom Jardim photovoltaic complex in Icó, increasing solar energy generation, creating direct jobs, and strengthening energy security in a scenario of sustainable expansion.
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Renewable energy companies suspend R$ 40 billion and consider leaving the Northeast after rising costs and cuts in generation.
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Japanese scientists make progress in solar energy with technology that could double efficiency.
– After a positive year, during which it received approval from the financial market, the company is turning to execute the investments of R$ 102 billion planned in the strategic plan 2024-2028.
Focus on Investments in Petrobras
- The list includes the resumption of investments in local content, refining, natural gas, fertilizers, and the acquisition of solar and wind plants.
- In the very short term, the focus is on delivery: ‘The first year was to plant the land. This is the year of harvest, and the first leafy tree is Rnest’, said President Lula during the event to launch the refinery works in Ipojuca (PE).
- the difficulties with the natural gas production project in Sergipe;
- the uncertainties in returning to fertilizer manufacturing;
- Braskem; and
- the internal discussions regarding the purchase of renewable generation assets.
Oil, Investments, and Energy
Preference in Pre-Salt. Petrobras expressed to the National Energy Policy Council (CNPE) its interest in the right of preference in the Jaspe block, in the Campos Basin, to be auctioned in the permanent offering. The in place volume is 2.5 billion barrels of oil equivalent, according to ANP.
Oil on the Rise. Futures contracts for oil rose this Wednesday (1/24), after a decrease of 9 million barrels in U.S. inventories and the announcement of stimulus measures by the central bank of China.
– The WTI oil barrel for March closed up 0.96%, at US$ 75.09. Meanwhile, Brent for April rose 0.66%, at US$ 79.63 per barrel.
Sulgás Shares Gasbol. The gas distributor of Rio Grande do Sul will transfer part of its contracted capacity to Petrobras from the Bolivia-Brazil Gas Pipeline (TBG) in Gasbol.
BNDES Azul. The bank reduced interest rates for the modernization of the Brazilian naval fleet, aiming to promote the production of vessels using sustainable fuels, such as ethanol, green methanol, ammonia, and green hydrogen.
– ‘We have to start building ships again, but ships of the future’, said Mercadante. ‘Our expectation [in 2024] is a minimum of R$ 2 billion for shipbuilding’.
Guyana vs. Venezuela. President Lula is preparing to travel to Guyana and participate as a guest at the Caribbean Community (Caricom) summit, which will take place on February 28. The bloc consists of 20 Caribbean countries, including 15 member states and 5 associates.
– The trip is perceived as a message to Venezuela led by Nicolás Maduro, which claims the Essequibo region in Guiana territory.
The foreign ministers of Venezuela and Guyana will meet this Thursday to discuss the territorial dispute.
Renewable Energy and Emissions
Emissions Decreasing. The International Energy Agency (IEA) stated that greenhouse gas emissions from electricity generation are entering into ‘structural decline‘ as the replacement of fossil sources with renewables gains momentum.
– Published today, the report Electricity 2024 indicates that global emissions of CO2 from generation are expected to decrease by more than 2% in 2024, following a 1% increase in 2023. This will be followed by slight reductions in 2025 and 2026.
GM Bets on Electrification. General Motors International (GM) announced that it will invest R$ 7 billion in Brazil by 2028. The investments are expected to go towards improvements in production capacity and technological development, primarily for electric vehicles, renewable energy, and pollutant control.
Brazil Offshore Energy Summit. The epbr agency will provide special coverage of the Brazil Offshore Wind Summit, the largest event about offshore wind energy in Brazil, on March 26 and 27 in Rio de Janeiro.
– The meeting is being promoted by the Brazilian Wind Energy Association and New Technologies (ABEEólica) and the Global Wind Energy Council (GWEC), with co-production from Dominium Consultoria, and will present the latest updates in the sector.
- The epbr agency’s channel on Youtube features interviews with key executives and authorities in the sector.
Renewals and Other News
TCU Individualizes Renewals. The Federal Court of Accounts decided that it will judge the renewals of electricity distribution concessions individually, and did not give prior approval to the government to extend the contracts.
– The legal deadline to sign a commitment with the first company whose contract is expiring, EDP Espírito Santo, has already been missed.
- The Ministry of Mines and Energy stated that the decision frees the government to continue the renewal process.
- ABRADEE, which represents the distributors, considered the decision ‘a step forward’.
- In total, 20 contracts expire between 2025 and 2031, and together, the distributors serve 56 million customers, about 65% of the market.
Solar in MG. Auren Energia announced, this Wednesday (1/24), the start of operations of the solar photovoltaic plant Sol de Jaíba, in Minas Gerais. The first two modules are operational, with a capacity of 100.6 MWp.
- The total investment is estimated at R$ 2 billion.
Itaipu Must Pay Back Wages. The Regional Labor Court (TRT) of the 9th Region ordered the Itaipu hydroelectric plant to pay 13th salary and back vacation pay to Brazilian workers, following a lawsuit filed by the Electricians’ Union of Foz do Iguaçu (Sinefi).
Weg Benefits. XP Investimentos stated in a report released to clients and the market that Weg will be the company most benefited by the new industrial policy of the government, which envisions R$ 300 billion in financing by 2026.
– According to the bank, the company from Santa Catarina will be favored because it is ‘exposed to multiple initiatives [covered by the program], such as industry automation, clean energy, and mobility‘.
R$ 6 Billion for Airlines. The government is expected to announce in the next ten days a fund of R$ 4 billion to R$ 6 billion to support airlines, according to the Minister of Ports and Airports, Silvio Costa Filho.
Source: EPBR
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