Oil Will Pay the Bill for the Energy Transition, Says Petrobras President

In a swearing-in ceremony attended by President Lula, Petrobras president Magda Chambriard strongly defended the opening of new exploratory oil frontiers in the country, despite international calls for an energy transition.

"Someone has to finance this transition," said Magda, after citing the company’s investment projects in renewable energy and emission reductions. "And to finance this transition, investments in oil exploration and production are essential."

"It’s impossible to talk about an energy transition without mentioning who will pay the bill. And it is oil that will pay," she continued, then highlighted that commodity reserves are finite and need to be replenished. "In this line, it is essential to develop the reserves of the equatorial margin."

The company’s main focus in this regard is the so-called Block 59 of the Foz do Amazonas basin, which had its license denied by Ibama (Institute of the Environment and Renewable Natural Resources).

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