Petrobras will Invest $ 2.8B in Reducing Carbon Emissions

Source: www.gulfoilandgas.com 9/27/2022, Location: South America

Petrobras will invest US$ 2.8 billion in initiatives to reduce carbon emissions in its operations over the next five years years, in line with its strategy of enabling a safe and inclusive energy transition. Of this total, a volume of US$ 248 million will be allocated to a decarbonization fund specially created by the company to develop low-carbon technologies and solutions. These were some of the highlights of the speech by the president of Petrobras, Caio Paes de Andrade, through video testimony, during the opening ceremony of Rio Oil & Gas, in the auditorium of the Museum of Tomorrow, this Monday (26/9). ).

“We work tirelessly to neutralize operational emissions within a timeframe compatible with the Paris Agreement. We have a very clear path towards achieving this goal: we are prioritizing our investments in decarbonization and the development of bioproducts,” said Andrade. In this segment, the president pointed out that Petrobras is starting the production of a new generation of fuels, more modern and sustainable than the current ones, such as renewable diesel and aviation biokerosene.

Petrobras directors Rafael Chaves (Institutional Relations and Sustainability) and Fernando Borges (Exploration and Production – E&P) also participated in the ceremony, which was also attended by the ministers of Mines and Energy, Adolfo Sachsida, and of the Environment, Joaquim Leite ; the mayor of Rio de Janeiro, Eduardo Paes; the president of the Brazilian Institute of Oil and Gas (IBP), Roberto Ardenghy, among other guests.

New gas pipeline in Sergipe will be one of the largest in the country

In the panel “Using the associated natural gas and produced in the pre-salt fields”, the executive manager of Gas and Energy at Petrobras, Álvaro Tupiassu, highlighted that the company plans to install a gas pipeline with the capacity to flow up to 18 million m3 of gas per day, with more than 100 km in length, integrating one of the main fronts of the so-called Sergipe Águas Profundas Project (SEAP Águas Profundas). “In the development phase, it is one of the largest gas projects in Brazil, both from the point of view of production volume and gas supply”, said the executive manager of Gas and Energy at Petrobras, Álvaro Tupiassu, in your lecture.

Located in the Sergipe-Alagoas Basin, 100 km from the coast, the SEAP project is consistent with the company's strategy of focusing on deepwater assets with high value generation potential, resilient to low oil price scenarios and low carbon emission per barrel produced. “Petrobras' investments in this new frontier will open up a series of opportunities for the industry and will substantially increase the availability of gas for the domestic market, reducing the volume of imported gas,” added Tupiassu.

Challenge of neutralizing carbon emissions

In the panel "New technologies for the pre-salt: recent advances and how technology can help generate value", the executive manager of the Petrobras Research and Innovation Center (Cenpes), Maiza Goulart, highlighted that pre-salt oil salt is one of the most decarbonized in the industry. “Petrobras achieved, in December 2021, the reinjection of around 30 million tons of CO2 into the pre-salt reservoirs, preventing its venting into the atmosphere. The projection is that, by 2025, 40 million tons of CO2 will be reinjected. It is the world's largest deepwater Carbon Capture, Usage and Storage technology project – the so-called CCUS –,” she said.

In addition, Maíza stressed that the industry's future trend is to prioritize projects that are doubly resilient, reconciling scenarios of low oil prices and reduced emissions. “To this end, we have sought to develop more technologies that incorporate cost efficiency with sustainability, such as All Electric, closed flare, subsea gas separation, among others,” added Maiza.

O&G industry as an enabler of the energy transition

In the session “New exploratory frontiers and large production development projects to support a safe energy transition”, Petrobras E&P Director Fernando Borges highlighted the relevance of the oil sector in making the transition to a global economy possible. low carbon. “The role of the oil and gas industry is not a passing one, but one of enabling a safe energy transition. If we change the approach, the way of doing oil and gas exploration and production, the oil industry will be part of the solution for low carbon energy,” he said.

Borges also highlighted that data-driven E&P activities significantly increase the value creation of projects, reducing uncertainties, optimizing costs, in addition to increasing efficiency and accelerating results. “Our new approach to exploration and production is based on our main competitive advantage: our knowledge enhanced by digital transformation, innovation and data-driven processing. (...) We created the concept of a new generation of offshore fields, which will incorporate the most advanced disruptive technologies, impacting our value curve”, he stressed.


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