Petrobras Strikes Different Tone Under New CEO

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New Petrobras CEO Jean Paul Prates has burst enthusiastically on the industry scene, promising to elevate the state-controlled company's leadership on the energy transition under Brazil's new left-leaning administration of Luiz Inacio “Lula” da Silva. “We will go faster, and we will bring others with us,” he told the recent CERAWeek by S&P Global conference, promising a “no drama” approach to tackle the challenge “very gradually and very rationally.” Prates seems ready to widen the company’s opportunity set to include renewables while keeping an open mind to other new business lines. But his message has also been steadfast in emphasizing continuity, assuring investors that the bulk of investment would continue to power the country’s pre-salt juggernaut. Still, Prates’ approach marks a shift in tone from Petrobras under the past Bolsonaro administration, which had come to acknowledge the transition and set decarbonization targets, but had also been cautious about setting its sights too far afield from the low-carbon content of its oil and ongoing carbon capture and biofuels projects. Prates’ background includes stints as both an energy consultant and politician. He has vowed that Petrobras’ strategy will be honed transparently in collaboration with investors, the government and civil society.

Corporate Strategy , Offshore Oil and Gas, Deepwater, Renewable Electricity , Hydrogen
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