Brazil's Petrobras Sets Ambitious $102 Billion Investment Plan to Boost Oil Output

Brazil's state-owned oil major, Petrobras, is aiming to boost the country's oil output and solidify new European partnerships, despite concerns over environmental impact. Petrobras plans to develop 11 more platforms in Brazil's pre-salt region by 2027, but output from the region is expected to peak by 2029. Environmentalists worry that Petrobras's ambitions clash with President Luiz Inácio Lula da Silva's aim for ecological protection. However, Petrobras has pledged to invest in green energy projects and recently signed a memorandum of understanding with Danish company European Energy to explore the potential for developing an e-methanol plant in Brazil. The company's recent deals with renewable energy companies indicate its potential to transition towards renewables while leveraging its oil revenues and experience.