PETROBRAS is set to enter a new era under the helm of soon-to-be chief executive Jean Paul Prates, but a greener investment agenda, even if it materialises, will not easily displace oil and gas as the state-controlled company's fundamental driver for growth and revenues. Prates, who previously served as energy secretary in Rio Grande do Norte and later was elected as senator for the state, was instrumental in fostering a wave of investment in onshore wind there. As senator he has drafted and sponsored bills proposing a regulatory framework for offshore wind and associated green hydrogen projects, and pushed out new proposals for carbon capture and storage. This background raises expectation that he may steer the company towards a more proactive role the energy transition. "I see Petrobras as a company that needs to look to the future and invest in the energy transition to meet the needs of the country, the planet and the society, as well as the long-term interests of its shareholders," Prates said shortly after incoming President Luiz Inacio Lula da Silva confirmed his nomination. However, with plans to deploy 17 floating production, storage and offloading vessels between 2023 and 2027 - one, the P-71 FPSO, started production on the Itapu field last week - it is clear that Petrobras will continue to maximise output from highly productive reservoirs in ultra-deep waters in the pre-salt polygon, and that Brazilian oil production will keep rising above decline rates.
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