Petrobras’ investment in offshore wind may start abroad, says Tolmasquim

(epbr) Petrobras is considering investing first in projects for new renewable energy sources — such as offshore wind — abroad, in countries where the legal frameworks are already more consolidated, before starting to develop its own projects in Brazil, said the Energy Transition director of the company, Maurício Tolmasquim. In Brazil, the first steps may come in the onshore solar and wind market.

According to the executive, the idea is to resort to partnerships in new sources of renewable energy, such as offshore wind and hydrogen. The company can enter as a minority in projects abroad to gain experience and advance more quickly in the decarbonization of the portfolio.

“The pressure will come to have results. So we have to get in somehow. In terms of technologies, all are possible. We are not ruling out investing outside Brazil either, mainly in areas such as offshore wind, where we are still building our regulatory framework. There are already auctions abroad,” said Tolmasquim.

The executive pointed out that the company can also take advantage of the subsidies that are being offered for new sources in other countries. The European Union and the United States have incentive programs that include renewable energies.

“Some investments that in Brazil may not yet be profitable, abroad already are”, he told journalists.

In Brazil, onshore solar and wind come first

Despite looking at opportunities abroad, Tolmasquim reinforced his interest in also entering the Brazilian renewable energy market.

“We are a Brazilian company and it is clear that we want to invest here in Brazil”, he emphasized.

In this sense, Tolmasquim believes that Petrobras can start investing in renewables in the country through projects on land, such as wind and solar, whose implementation deadlines are faster and which are, today, “profitable and attractive”.

“This can happen via auction or through negotiations on the free market. Let’s see which is the best mechanism”, said the executive.

The subject will be dealt with in the reformulation of the 2024-2028 strategic plan, which should be released at the end of the year.

Tolmasquim reinforced that portfolio diversification will be important for the company to deal with the expected fall in the price of a barrel in the long term, with the energy transition.

“There is also an economic strategy, a sense of diversifying the portfolio. With longer contracts, it is eventually possible to hedge, with a steady revenue stream,” he said.

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