Petrobras Will Resume Investments in 2021

“In two years, Petrobras will transform into a company completely different from what it is today”, said the president of the state-owned company, Roberto Castello Branco.

For Roberto Castello Branco, the worst financial and reputational phase of the state-owned company has become a thing of the past. For him, at this moment, it is essential to ensure the return of invested capital at the same level as its international competitors. “Petrobras in 2021 will need to invest much more than it has divested in recent years”, the words of the president of the state-owned company at an event of Lide in Rio.

The executive claims that the focus will continue to be on the pre-salt, however, the company will invest money in the revitalization of giant fields in the Campos Basin – assets that, until production in the pre-salt began, were the main source of oil extraction. Currently, these fields are in decline. In order to survive, they must be invested US$ 21 billion.

In the future, the company will also no longer be in the natural gas distribution and transportation segments. “We don’t need to own the assets: we need the services of those assets. We are determined to completely exit the transportation of gas, as well as the distribution of gas”, said the executive.

To this end, the company wants to divest its holdings in state distributors through the subsidiary Gaspetro and also return two concessions in Uruguay.

“I came to discover that Petrobras is the major gas distributor in Uruguay, with two companies, in which over 13 years we have been forced to make 15 capital injections. We intend to return these concessions as quickly as possible.”

Petrobras Expands Presence in China and Will Increase Oil Exports by 30%

The start of crude oil storage operations at the Port of Qingdao, the sixth largest in the world, will help solidify the company’s presence in the Chinese market

Petrobras announced on June 28 that it inaugurated on the 26th, a crude oil storage facility at the Port of Qingdao, in the Chinese province of Shandong, as part of the movement to develop new markets and add value to the export of pre-salt oil, which is expected to double the company’s production in the coming years.

The choice of location is strategic: China accounts for 75% of the volume of crude oil that the company exports, of which 38% is destined for independent refiners in Shandong and adjacent regions. Petrobras aims, through this initiative, to solidify its presence in the promising Chinese market, in another step in its journey for diversification and expansion of its oil sales.

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