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Roberto Castello Branco, president of Petrobras, said this morning that the state-owned company will increase its oil exploration by 50%
Roberto Castello Branco, president of Petrobras, said this Thursday that the state-owned company should increase its oil exploration activities in the coming years. The executive said that by 2025, the company will drill up to 58 wells. Roberto said that compared to the five-year period from 2016 to 2020, that number has increased by 50%.
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The company's president also mentioned that the focus of exploratory activities will continue to be on the Santos Basin, but added that there will also be bets on other new areas, such as the Equatorial Margin.
Focus on oil exploration and production:
During the Credit Suisse online event, Roberto defends Petrobras' position of focusing only on oil exploration and production. The executive believes that, even in the energy transition, oil will still play a broad role in the world.
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“Most of the things we do on a daily basis would be unfeasible if it weren't for fossil fuels. I don't advocate fossil fuels, but rational decisions,” he said.
Renewable energy market:
The world's major oil companies, such as Equinor, BP and Total, have shown projects to expand their business in the renewable energy market, Petrobras, according to the company's executive, he said that the company does not have training in this area and therefore prefers to invest in a method he knows: the production of oil and natural gas.
