Stability and volatility will define Petrobras prices
The president of the state-owned company made it clear that international parity does not exist. “What exists is what is called import parity. We will continue to follow an international benchmark and internal competitiveness in each market in which we participate,” said Prates.
He guaranteed that Petrobras will not lose sales nor will it stop having the most attractive price for its customers, which are fuel and liquefied petroleum gas (LPG) distributors. Prates regretted the sale of BR Distribuidora to the private sector, which, for him, made contact between the state-owned company and the final consumer unfeasible.
The president of Petrobras said that another criterion that will be observed by the company is that of attractiveness for the client versus what was happening before, which was the “absolute abdication of national advantages, abdication of the advantage of having a refinery here, next to the consumer and from my main client, abdication of the advantages of having an outflow structure and a transport structure and even having a national oil source and having national refining capacity”. All of this, according to Prates, is part of a business price model, which Petrobras will discuss in more detail next week.
first trimester
Prates celebrated the company’s results for the first quarter, when investments totaled US$ 2.5 billion, of which US$ 2 billion was spent on exploration and production. In total investments, the highlights are the development of large projects that will sustain the production curve over the next five years. Among them is the construction of new platforms, in addition to increasing resources for the revitalization of Campo de Marlim, in the Campos Basin.
“It is the largest project in the world to recover mature assets in the offshore industry (at sea). With it, we are going to expand production, maintain jobs and open an important learning and knowledge front for other similar projects throughout Brazil”, said Prates.
According to Prates, an important milestone of this plan was the commissioning of the FPSO Anna Nery platform, in the Marlim and Voador fields.
In the first 100 days of his tenure at the head of Petrobras, Prates said that the company once again put people first, committed to energy transition, valued the potential of each region of the country, opened up new investment opportunities to leverage Brazil. “It finally returned to tread a solid path towards the future, a sustainable, solid and inclusive future”.
He said that, for this purpose, the pre-salt layer continued to be the center of the company’s revenues and cash generation, to guarantee the energy needed by Brazilian society. In the first quarter, the pre-salt accounted for 77% of Petrobras’ total production and broke a new record for average monthly production in February.
In the first quarter of the year, Petrobras recorded net income of R$ 38.2 billion, with Operating Cash Flow (FCO) reaching R$ 53.8 billion. The results make the president of the state-owned company optimistic about the future. “We are going to continue building a solid, competitive, sustainable Petrobras, in tune with the demands of society, raising new sources and leveraging new investments for the country. And this is just the beginning”.
gas market
The Financial and Investor Relations Director, Sergio Caetano Leite, informed that Petrobras continues to review its entire portfolio of assets. This review is in line with the strategic planning review process, in light of changes in the national and external framework. Talks with the Administrative Council for Economic Defense (Cade) have been reopened and are proceeding at a normal pace, he said.
Regarding Transportadora Brasileira Gasoduto Bolivia-Brasil (TBG), Leite said that it is included in the asset review process. Only at the end of the portfolio review will Petrobras announce a decision, she said.
In the gas area, the Energy Transition and Sustainability director, Maurício Tolmasquim, said that Petrobras intends to carry out a supply shock, which will be based on investments of around US$ 5.2 billion in three projects that have already been approved and announced and some under construction (Rota3, to transport pre-salt gas; BM-C-33, a condensate gas field located in the Campos Basin; and projects in Sergipe). Results are expected in the short and medium term.
In addition to these US$ 5.2 billion, Tolmasquim highlighted investments of US$ 6 billion in oil and gas exploration that will generate more supply. Another plan is the participation, later this year, in the public call processes opened by the distributors for a supply contract starting in 2024. “The idea is precisely to act competitively and with guaranteed delivery”.
The director said that Petrobras will evaluate, and act when necessary, in the thermoelectric market, “because there are capacity reserve auctions that the company may eventually decide to enter with flexible thermoelectric plants, because they are fundamental for the decarbonization of Brazil, by make a backup of renewable plants, such as wind and solar, which are intermittent, that is, where interruptions occur”.
Foto de © Tomaz Silva/Agência Brasil
Economia,Petrobras,Petróleo,gás,preço,Combustíveis,Jean Paul Prates
