Brazil’s Petrobras revises strategic plan to boost low-carbon investments

Brazilian state-run oil company Petrobras (PETR4.SA) said on Thursday its board of directors had approved a revision of part of its 2023-2028 strategic plan in a bid to increase investments in low-carbon initiatives.

Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that under the new plan it would target 6% to 15% of its total capital expenditure (CAPEX) for low carbon, up from 6% in the 2023-2027 strategic plan.

The move, Petrobras said, is aimed at preparing the company for the energy transition, “reconciling the current focus on oil and gas with the search for diversification of our portfolio in low carbon businesses.”

Via Reuters

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