Petrobras will pursue large-scale renewable energy projects, CEO says

Petrobras Its strategy will be to analyze and finance large renewable energy projects and will be able to evaluate new partnerships with companies in the sector with that objective, its president said on Tuesday. jean paul prates.

The executive announced on Monday that the company is studying, together with the Norwegian Equinor, the installation of an offshore wind farm with an energy production capacity equivalent to the Itaipu plant.

The project, Prates said, will be in the study phase until 2028 and, if confirmed, would be made up of seven wind plants with a total capacity of 14.5 gigawatts (GW). The park could cost $70 billion.

“The two companies (work) with the same strategy: start analyzing and financing large renewable energy projects, appropriate to their respective sizes”the executive said in a video posted on Tuesday. “We will move forward with more partnerships with sister companies in Brazil and abroad. All in due time”.

Power production would take between six and 10 years to start, Prates said on Monday, noting that the studies for the project are already included in the company’s business plan and will not need to be expanded. Petrobras will study equipment manufacturing in Brazil, he added.

Prates highlighted in Tuesday’s video that the seven projects under evaluation with Equinor already have connection studies for the flow of energy on land. They are between 20 kilometers and 40 kilometers from the Brazilian coast, depending on each one, and at a depth of 15 m to 35 m of water.

Prates added that Petrobras and Equinor will also look at opportunities in carbon, hydrogen and oil and gas storage.

Earlier on Tuesday, Petrobras published a statement to the market saying that it will only have official cost and profitability estimates after the conclusion of technical analyzes to be carried out by an interdisciplinary group.

Source: Reuters