Take five oil ceo12/31/2023 ![]() In parallel, Petrobras could expand its exploration abroad into neighboring Guyana and Suriname in the Equatorial Margin, following Brazil's northern coastline, Prates said. "We are not going to give up on a new frontier unless we receive a definite 'no'." ![]() Petrobras has already appealed Ibama's rejection, but there is no deadline for a final decision. "We consider that we will have the license sooner or later," Prates said, adding that the company will comply with any permitting requirements and deadlines set by Ibama. In May, environmental regulator Ibama denied a request from Petrobras to drill in the region. ![]() Prates also reiterated a commitment to exploring near the mouth of the Amazon River, an area off Brazil's northern coast that Petrobras considers a key frontier for oil and gas exploration. This is a pre-salt, offshore oil company, but it will gradually transform itself," he said. "Of course we will have an important investment plan with pre-salt being very important. Prates said even as the new business plan will highlight plans at Petrobras for an energy transition, t he company is still focusing on its strengths in offshore oil exploration, especially in the vaunted "pre-salt" fields off Brazil's coast. Still, he said investors should not get used to blockbuster dividends as they enjoyed last year, as the company's dividend policy will be "adjusted" to the reality of a company investing in the future. In an interview from Petrobras offices in Rio de Janeiro, Prates said the value of investments in the new plan "shouldn't differ much because from one year to the next you can't make many moves." Petrobras is preparing to preview updates to its business plan next month, he said, including a greater focus on renewable energy sources, ahead of the final announcement of its next five-year plan at the end of the year. Brazil's state-run oil company, Petrobras, will keep total investments in its upcoming 2024-2028 business plan similar to the $78 billion foreseen in its latest five-year plan, CEO Jean Paul Prates told Reuters on Monday.
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