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Strategy

4 minute read
Sustainability at Petrobras

We have been working with decarbonization actions for more than a decade and have achieved a trajectory of progressive reduction of operational emissions. These actions mainly include: reduction of natural gas flaring, CO2 reinjection, energy efficiency gains and control of losses in operations.

Our strategic model seeks to produce oil and gas that is compatible with scenarios of accelerated societal decarbonization, adopting the concept of dual resilience: economic, resilient to low oil price scenarios, and environmental, with low carbon.

 

 

Our 2022-26 Strategic Plan (PE 2022-26) features four top metrics (VAZO, IAGEE, TAR and Delta EVATM) that quantify the attributes of the vision and provide more explicit guidance on our key short-term goals. One of them corresponds to the Greenhouse Gas Goals Compliance Index (IAGEE), which set a target for 2022 of 16.5 kgCO2e/boe emission intensity in E&P and 39.2 kgCO2e/CWT for refining.

Our emissions commitments involve both operates with existing assets and when designing new projects. To support our actions, we have the Neutral Carbon Program, which not only seeks to strengthen our positioning in low carbon, but also to accelerate and reduce the costs of decarbonization solutions, bringing greater competitiveness to Petrobras. The program has a dedicated decarbonization fund, with an initial budget of USD 248 million for the five-year period (2022-2026).

Another top metric we have is related to the volume of oil and oil product leaks (VAZO). Our PE 2022-2026 maintained the goal of zero leakage, with an alert limit for 2022 of 120m3.

 

 

As life is a non-negotiable value for us, we continue with the goal of zero fatalities. The TAR indicator (rate of recordable accidents per million man-hours) is also one of our top metrics. For 2022, the alert threshold remains below 0.7, which reaffirms our commitment to life and keeps us in the best quartile in the industry.

Continuing our work as an agent of socio-environmental transformation, engagement with partners and suppliers in aspects related to human rights and the Petrobras Socio-environmental Program, which corresponds to our voluntary socio-environmental investment program, will be expanded. We will also increasingly listen to society regarding the social impacts of our operations, proposing solutions to mitigate the potential impacts.

The strategy also provides for the promotion of a culture of social responsibility and dialogue with society, through active and transparent communication and encouraging the generation of good practices.

 

 

In line with our purpose, we remain committed to adopting a governance model that allows for a balance between efficiency and control, through the optimization of our corporate structure, focusing on the competitive environment, strengthening the decision-making process, with security and speed and to be a reference in the adoption of digital technologies.

We do not tolerate conduct that is contrary to the principles described in our Code of Ethical Conduct, or non-compliance with legal and contractual obligations, demanding the same standard of behavior from our employees, partners and suppliers.

 

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