Petrobras forecasts oil production for the next 40 years

On the same day the Union’s Attorney General’s Office supported oil exploration near the Amazon River delta, Petrobras conveyed its potential for oil production for the next 30 to 40 years.

Joelson Falcão Mendes, the company’s director of exploration and production, made this statement, echoing prior remarks by Petrobras CEO, Jean-Paul Prates.

He indicated that exploring the Equatorial Margin would offset the diminishing prospect of the pre-salt layer in Brazil’s Southeast region.

“Our industry has a long-term focus. We aim to produce oil over the next few decades,” Mendes said at the 24th Annual Santander Conference in São Paulo.

Highlighting advancements, Mendes noted that cutting-edge technologies to curb emissions would enable the firm to supply “decarbonized” oil globally.

To this end, Petrobras is developing technologies to minimize methane and carbon dioxide emissions from its fossil fuels.

In addition, Petrobras intends to bolster its exploration efforts to augment its proven reserves.

As per Mendes, this increase should surpass the current crude oil production levels in the coming decade.

Currently, Petrobras boasts proven reserves of 10.5 billion barrels of oil equivalent and produces approximately 2.6 million barrels daily.

Regarding potential exploration zones, Mendes named the Equatorial Margin, located on the coast between the states of Amapá and Rio Grande do Norte.

This exploration is debated due to its proximity to the Amazon River delta.

In the upcoming years, Mendes foresees a diverse energy production mix for Petrobras, incorporating renewables like wind, solar, biofuels, and green hydrogen.

He emphasized that Petrobras’ investments in renewables are based on profitability prospects, not merely their reduced environmental impact.