Sustainability Report
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About us


We are a Brazilian mixed capital company, one of the largest oil and gas producers in the world, operating mainly in the areas of exploration and production, refining, electricity generation and trading. We are also committed to being the best diversified and integrated value-generating energy company, building a sustainable world, reconciling the focus on oil and gas with diversification into low carbon businesses (including petrochemical products and fertilizers), sustainability, safety, respect for the environment and full attention to people. We are experts in exploration and production as a result of decades of development in Brazilian basins, especially in deep and ultra-deep waters, which has made us a global leader in this segment.


Our business goes beyond the scope of oil and gas production. It is a long production chain in which we transport oil and gas to our refineries and natural gas treatment units, which are equipped and constantly evolving to provide high quality products. Our oil and gas production stands out worldwide due to its low cost, low emissions and low carbon footprint, a position resulting from the use of cutting-edge technologies. We hereby inform that there have been no significant changes to our business model in the last year.


Our main products sold in Brazil and around the world are oil, diesel, gasoline, natural gas, eletric energy, aviation fuel, LPG, naphtha, asphalt, marine fuels, and fuel oil.

Operations in Brazil

We operate the majority of the refining capacity in Brazil. Our refining capacity is distributed across the Southeast, South and Northeast regions of Brazil, reaching the largest market share in these and other regions of the country through direct deliveries, pipelines and also via cabotage. We mostly meet our demand for oil products by domestic refining of crude oil, as defined in a periodic integrated operational planning process which constantly seeks to f maximize value for the company. We are also involved in the production of petrochemicals and biofuels through interests in companies.


We are responsible for the largest natural gas-powered thermoelectric operation in Brazil. Our plants play an important role in the supply and monetization of our own gas and in the secure operation of the electrical system with the higher share of renewable sources. Portfolio management of the generating complex is under permanent evaluation. In relation to natural gas, we operate in the areas of production, supply, processing, transportation, import of natural gas and import of Liquefied Natural Gas (LNG), regasification of LNG, supply of gas for internal consumption and markets sales.


In 2023, we reached another annual record in gas utilization, reaching 97.6% utilization in relation to the gas produced. Furthermore, it is worth mentioning that in december 2023 we reached the monthly record, with 98.2%.


Brazil has an integrated transport pipeline network that extends over almost the entire Brazilian coast, from Ceará to Rio Grande do Sul, in addition to reaching more inland regions of the country in Minas Gerais, São Paulo and Mato Grosso do Sul. Brazil also has an isolated system in the Northern Region that moves natural gas production from Urucu to Manaus. The transport pipeline network is operated by different transport companies, and we maintain a shareholding in TBG and TSB.


We participate in the Brazilian electricity market mainly through our investments in gas-thermoelectric plants, renewable energy and interests in fuel oil, diesel oil and natural gas plants.

International operations

As of 12/31/2023, we had activities in seven countries, in addition to Brazil: Argentina, Bolivia, Colombia, United States, Netherlands and Singapore. In Latin America, these activities mainly involve hydrocarbon exploration and production operations, mainly natural gas. In Colombia, we are also present in the liquid fuel retail segment. In North America, we produce oil and gas through a minority stake in a joint venture.


The year 2023 marked the resumption of our operations on the African continent, as part of the reserve replacementn strategy, with the acquisition of a stake in three exploration blocks operated by Shell, in São Tomé and Príncipe, announced to the market at the end of december.


We have subsidiaries companies in the Netherlands (Rotterdam), USA (Houston) and Singapore that carry out our logistical and financial trade activities abroad. These subsidiaries are responsible for market intelligence and trading of oil, oil products, and natural gas, in addition to storage (tankage) and chartering operations.

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