Petrobras at the center of transformations: Strategic results at stake

Petrobras' strategic turnarounds after the change of government and the impact on the markets and the national economy.

The turning of the tide: Petrobras and the new management

The Brazilian political scenario always presents its twists and turns, and with the arrival of a new government, the strategy of Petrobras, the oil giant, was not left out. During the past administration, there was a vigorous effort to privatize certain state-owned companies, aiming to reduce the state's presence in specific segments of the economy. The focus, in large part, was to open doors to the private sector, allowing innovation and the creation of more competitive and agile markets.

But the breeze changed direction. Now, the scenario points to a more present state, and Petrobras, with its significant position on the world stage, finds itself in the midst of strategic changes. This, however, comes with risks, from operational to financial, with the potential for unexpected results.

Reflections of past decisions

Under the previous command, Petrobras focused on businesses aligned with its core competencies, aiming to maximize shareholder returns and ensure operational efficiency. The focus was, above all, on the exploration and production of oil and natural gas in deep waters, such as in the pre-salt region.

Additionally, there was an effort to get rid of less strategic assets, evident in the sale of companies such as BR Distribuidora and Liquigás, among others. This repositioning aimed to make the market more open and competitive. However, recently, questions have arisen about Petrobras' decision to revisit terms previously agreed with CADE, defying its main guideline of fostering competitiveness.

Repositioning in the present

A sensitive topic is Petrobras' divestment in exploration and production in onshore areas and shallow waters. Previously, the idea was to pave the way for specialized companies, boosting productivity and attracting new investments. With the turnaround in strategy, there is a nuance: does Petrobras need to operate directly in these fields?

Recently, some divestments were halted, with the company focusing on more profitable assets and promoting decarbonization. However, there is a counterpoint: the sector's competitiveness could be affected, harming private investments and society as a whole.

Navigating between pricing and strategies

The fuel pricing strategy also underwent changes. Although Petrobras continues to consider international prices and exchange rates, new variables are now incorporated, aiming to improve competitiveness and mitigate volatility. However, this approach brought challenges, with local prices remaining below international references, impacting imports by other agents.

a look to the future

Despite the challenges, Petrobras does not lose sight of the energy transition and the ESG (Environmental, Social and Governance) pillars. With investments in renewable energy and decarbonization, the company positions itself as a key player in the global energy scenario. However, the question that remains is: which path should Petrobras follow? The resumption of monopolistic strategies could be a step backwards, negatively impacting the market and Brazil as a whole.

Source: Felipe Kury.