Brazilian energy firm Petrobras’ new vision statement revealed that the company’s primary focus will be on oil and gas. In a securities filing, Petrobras recently revealed its updated 2020 to 2024 strategic plan.
According to Petrobras, its aim is to be the best energy company in terms of generating value for its shareholders with a focus on oil and gas and security with respect to people and the environment.
Despite its primary focus being on oil and gas, Petrobras will continue to carry out research into the long-term viability of wind and solar power in Brazil.
The last renewable energy project undertaken by Petrobras was in 2018 when it signed a three years deal with Norway’s Equinor to jointly seek out offshore wind projects.
Earlier this month, Petrobras has also launched the bidding process for the sale of 41 onshore oil concessions in the coastal states of Bahia and Espirito Santo, Brazil.
According to reports, Petrobras is also planning to sell its 27 exploration and production concessions in the so-called Polo Cricare area in Espirito Santo. In 2018, the oilfields on an average produced 2,800 barrels of oil per day and 11,000 cubic meters per day of natural gas.
In the month of August, Petrobras, which is Latin America’s largest company, produced 3 million barrels of oil equivalent per day on an average, a 21.6 percent increase from the same period a year ago.
Recently, Brazil’s congress passed a bill which will allow the country to hold a massive oil auction in the month of November. However, there is still a debate with regard to how the proceedings from the auction will be shared between the states and municipalities.