Petrobras reviews its 2020-2024 strategic business plan and will invest in renewables

The areas of exploration and production, gas and energy, refining, transport and commercialization are within Petrobras' review, even the field of wind and solar energy are in the scope of investments

Petrobras informs that its Board of Directors approved, in a meeting held yesterday (25/9), the update of the Vision, Purpose and Strategies for the New 2020-2024 Plan, which is in the preparation phase.

Petrobras' new vision is “to be the best energy company in generating value for shareholders”, with a focus on oil and gas and with safety, respect for people and the environment.

“We are building the new Petrobras, a sustainable, competitive company that operates safely and ethically, generating more value for its shareholders and for society. We will be a company dedicated to oil exploration and production in deep waters, with less debt. This new Petrobras adds, from now on, the digital transformation as a powerful lever for achieving productivity gains and cost reduction”, highlighted the president of Petrobras, Roberto Castello Branco.

Below are the new Vision and Purpose, as well as the Values, which were reaffirmed by the state-owned company

The company's strategy was adjusted, defining its actions by business segment, with a view to focusing on core business and the generation of shareholder value:

Exploration and production

• Maximize portfolio value, focusing on deep and ultra-deep waters, pursuing operational efficiency, recovery factor optimization and partnerships

• Sustained growth in world-class oil and gas assets, in deep and ultra-deep waters

Gas and Energy

• Act competitively in the commercialization of own gas

• Optimize the thermoelectric portfolio, focusing on self-consumption and the sale of own gas

• Fully withdraw from gas distribution and transport

Refining, Transport and Marketing

• Operate competitively in refining, logistics and derivatives trading activities with a focus on operations in the Southeast

• Completely exit the fertilizer, LPG and biodiesel distribution businesses

• Act competitively in the global oil trade

Renewable

• Develop research aimed at acting, in the long term, in renewable energy businesses with a focus on wind and solar in Brazil

• Making renewable diesel and BioQav commercially viable as a response to the sustainability policies of the Brazilian energy matrix

Transversal Strategies

• Digitally transform Petrobras by delivering solutions to challenges, empowering its employees, generating value, and increasing the safety of operations

• Develop critical skills and a high-performance culture to meet the company's new challenges, using added economic value as a management tool

• Constantly pursue a competitive and efficient cost and investment structure, with a high standard of safety and respect for the environment

• Strengthen Petrobras' credibility and reputation

Petrobras informs that the New 20-24 Plan, which will be integrated into the Strategic Plan, detailing the operational and financial planning for the next five years, is being prepared and will be disclosed to the market as soon as it is approved by the company's competent bodies.

Source: Petrobras Press Management