Petrobras boasts of low-carbon accomplishments

Brazilian energy company Petrobras said April 1 that its overall greenhouse gas emissions last year were 5% lower than 2019 levels.

The company, known formally as Petroleo Brasileiro, published its annual sustainability report, highlighting its achievements in addressing climate concerns. On all fronts, including climate objectives, the company said it made notable accomplishments across the board.

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From gas production from the pre-salt basins offshore, the company said it reinjected about 7mn tons of CO₂ associated with its operations. Since 2008, the company said it has managed to store 21.4mn tons of CO₂.

In its refining segment, carbon intensity was down 3.6% from 2019 levels.

All told, the company said that it launched 10 sustainability commitments that range from efforts to increase carbon capture and storage to a search for new sources of energy to deal with its Scope 3 emissions, indirect emissions resulting from the organisation’s operations.

Despite the enthusiasm over its low-carbon efforts, the company is embroiled in political controversy in Brazil. There has been a rush toward the exit door from front-office staff in an apparent rebuke to Brazilian president Jair Bolsonaro.

Bolsonaro’s ire over a decision by Petrobras to hike fuel prices led to the departure of Roberto Branco, the company's CEO. He was replaced by 71-year-old general Joaquim Silva e Luna, a former defense minister with no experience in the oil industry.

For its part, Petrobras has experienced a series of setbacks of its own this year, unloading its interest in offshore gas fields and selling off its Brazil-Bolivia gas pipeline.