Petrobras, the state-owned oil and gas company of Brazil, and UK-based energy giant Shell have signed a five-year Memorandum of Understanding (MoU) to explore options for the energy transition and new upstream production opportunities.
As part of the MoU, the parties will jointly focus their exploring efforts for oil and gas, both inside and outside the pre-salt region. They will also work together on strategies for reducing carbon emissions. According to Petrobras, it has already reduced its carbon emissions by a fifth and has ambitious targets for 2025 and 2030 in terms of developing new technologies and eliminating flaring.
Petrobras CEO Jean Paul Prates said that having the option of collaborating with companies like Shell:
“…is vital for Petrobras’s future plans, because partners can add their strength to areas where the company is looking for profitable diversification, such as renewables and hydrogen. We will be looking from the main players as we lead Petrobras towards a fair energy transition.”
The two companies will explore options for renewable energy generation and carbon capture, utilisation and storage (CCUS). Petrobras already has an active CCUS programme, which the company claims is the biggest in the world, having already stored some 10 million tonnes of carbon dioxide. Shell, meanwhile, will be celebrating its 110th anniversary in Brazil this year, having first established a presence in the country in 1913.
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