Petrobras cheers 41% cut in operational GHG emissions since 2015

Brazilian state-owned oil and gas giant Petrobras has tucked a new greenhouse gas (GHG) emission reduction milestone under its belt with a 41% drop in operational absolute GHG emissions between 2015 and 2023 on the decarbonization journey towards a just energy transition and net zero operations.

Thanks to this, one of the highlights of the new edition of its ‘Climate Change Supplement’ is the decrease in absolute GHG emissions to 46 million tons in 2023 from 48 million tons in 2022. In addition, the Brazilian energy heavyweight reported a fall in absolute methane emissions in the upstream segment of about 68%, compared to the level in 2015, which means that these emissions went down from 150,000 tCH4 to 48,000 tCH4 in 2023.

Furthermore, the company highlights that its performance in emissions intensity in 2023 confirms – what it deems to be – the best historical results in upstream and downstream activities since emission intensity per barrel produced has more than halved since 2009, reaching 14.2 kgCO2e/boe.  In refining activities, the firm achieved a 14% reduction in emissions intensity from 2015 to 2023.

Recently, Petrobras signed a protocol of intent – valid for one year with the possibility of an extension – with the Brazilian Chemical Industry Association (ABIQUIM) to evaluate opportunities in the gas and energy arenas and identify new potential businesses in these areas.

Moreover, Petrobras’ latest ‘Strategic Plan 2024-2028‘ outlines the firm’s intention to invest $102 billion over the next five years, with $11.5 billion earmarked for projects enabling a reduction in carbon footprint. 

Last month, the company’s exploration efforts in the Equatorial Margin bore fruit, as another oil discovery came to light. An investment of $3.1 billion has been set aside for oil and gas exploration in this area, where the firm intends to drill 16 wells during five years.