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EnergiesNet.com 11 07 2023
Petroleo Brasileiro SA is in the final stretch of drafting its next five-year business plan, and the Brazilian oil major is still grappling with how to divide spending between energy-transition projects and its main business of producing oil and gas.
Internal competition between oil and gas and renewables “is part of the game. We’re in full on discussions about the plan,” Fernanda Diniz, an energy-efficiency manager at Petrobras, said at a conference in Rio de Janeiro on Monday.
The comments underscore Petrobras’s competing goals of increasing investments in renewable energy and pollution reduction, while at the same time containing growth in overall spending. Investors are concerned that new management will aggressively expand spending in a move that increases debt levels and erodes dividend payments.
Petrobras is expected to unveil its new business plan late this month. The last five-year plan was set at $78 billion, with about $4.4 billion — about 5.6% — earmarked for energy-transition investments. Company officials have said transition spending could increase to as much as 15% of the new plan.
bloomberg.com 11 06 2023
