Petrobras to cease gas distribution and transport business
The administration board of Brazil’s state-run oil giant Petrobras approved an update in its new plan of action for 2020–2024, currently under development.
The new plan is expected to outline operational and financial strategies for the coming five years and will be released to the market after being approved by the company’s agencies. Petrobras will no longer work with gas distribution and transport, and will also cease business with fertilizers, liquefied petroleum gas (LPG), and biodiesel.
Revamp
Petrobras CEO Roberto Castello Branco said the company will work on deep-water oil exploration and production in addition to lowering its indebtedness. “The new Petrobras has already started to incorporate digital transformation as a powerful lever for accomplishing productivity gains and cost reduction,” he said.
“The goal now is to be the best energy company adding value for shareholders, with a focus on oil and gas and security, respecting both people and the environment,” the firm declared.
In exploration and production, focus will be given to deep and ultra deep water, with operational efficiency and the resumption of partnerships.
In gas and energy, the firm will seek competitiveness selling its own gas, and totally cease gas distribution and transport.
Petrobras also plans to work more competitively in refinement, logistics, and trade of derivatives, with a focus on operations in the Southeast of Brazil.
