Petrobras

Petrobras is pledging a 25% cut in carbon emissions by 2030, but that hasn’t stopped Chief Executive Officer Roberto Castello Branco from dismissing pledges by peers to completely neutralize their carbon footprints 2 decades later.

The cluster is the third largest in Brazil and the fourth largest in the Americas, with potential for further development. It is the third offer the company has made over the past five weeks.

Petrobras will sell its stakes in 27 onshore exploration and production concessions located in Espírito Santo, called the Cricaré Cluster, to Karavan SPE Cricaré SA, a specific-purpose ­entity (SPE), for $155 million.

Brazil’s national oil company estimated a reduction of 22 to 38% in capital expenditures in E&P from its 2020–2024 strategic plan and expects to spend $6 billion through 2024 to decommission offshore platforms and wells and underwater gas pipelines.

Brazil’s national oil company details the results of 6 years of real-time drilling monitoring. The next step is to move toward optimization, then automation.

Petrobras has cut in half the time and cost of drilling some wells using its patented True One Trip Ultra Slender (TOTUS) concept. The technique can be used in certain mature fields of the postsalt where geological and reservoir characteristics favor its application.

The 3-year contracts were awarded to Solstad, OceanPact, and Fugro.

Operators celebrate first major deepwater project sanctioned since the early-2020 oil crash.

The announcements are part of the company’s divestment strategy to reduce debt and improve capital.

Shell and Chevron lead the pack in a slew of Q2 losses with $18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. The tally of these global majors’ losses in a single quarter tops $30 billion.