Petróleo Brasileiro SA will focus on oil and gas exploration and production while seeking opportunities in alternative sources of energy over the next five years, as Brazil’s state-controlled oil firm moves toward more profitable core segments, Chief Executive Officer Pedro Parente said on Tuesday.
Speaking at the Offshore Technology Conference in Houston, Parente cited geopolitical tension in the Middle East, sizable legal contingencies and missing divestiture goals as potential risks for Petrobras’s financial and operational case going forward.
(Reporting by Marianna Parraga; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)
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