Economy

Petrobras to invest in research offshore and in Antarctica

Some $100 million will be invested in the next five years

Vitor Abdala

Published on 08/08/2019 - 14:12

Rio de Janeiro

Vista aérea da Península Antártica — © Arquivo/Agência Brasil

Plataforma FPSO Cidade de Itaguaí é um navio petroleiro adaptado - Foto André Motta/Petrobras — © André Motta/Petrobras

Brazil’s state-controlled oil giant Petrobras on Wednesday (Aug 7) signed a deal with the Brazilian Navy to invest some $100 million in research on the country’s maritime territory—the Blue Amazon—and Antarctica. The move renews the over-30-year-old partnership between the firm and the Navy for another five years.

The partner, Petrobras declared, is backed by the National Agency for Oil, Natural Gas, and Biofuels, and should support research aiming to ensure the exploration the sustainable use of sea resources.

In addition to funding, the oil company is also bringing in technical support and involvement to scientific missions spearheaded by the Navy. Petrobras investment will come under the Sector Plan for Sea Resources, a branch of the Brazilian Antarctic Program.