Petrobras on OGCI’s carbon reduction target

July 16, 2020

Petróleo Brasileiro S.A. – Petrobras informs that the Oil and Gas Climate Initiative (OGCI), an organization which Petrobras is a member, established a new collective target to reduce the carbon intensity of upstream operations. The new collective target sets an intensity between 20 kg and 21 kg CO2 for each barrel of oil equivalent procuced until 2025, from a collective baseline of 23 kg CO2 per barrel equivalent in 2017.

The Oil and Gas Climate Initiative is a CEO-led consortium that aims to accelerate the industry response to climate change. OGCI member companies explicitly support the Paris Agreement and its goals. As
leaders in the industry, accounting for over 30% of global operated oil and gas production, we aim to play an active role in shaping the global pathway to net zero emissions.

Petrobras has committed to zero growth in absolute operational emissions until 2025. In the last decade, actions related to carbon intensity in Exploration and Production activities have resulted in an
increase of 40% in Petrobras oil and gas production without an absolute increase in emissions.

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