Petrobras expects to invest $68 billion in growing its crude oil production, accounting for 84% of the company’s entire anticipated investments from 2022 to 2026. Decarbonization operations will get $1.8 billion from the company’s budget for the years 2022-2026.

Chief Executive Joaquim Silva e Luna said, “Petrobras maintains its consistent strategy of focusing on projects with the potential to generate resources and contribute to the Brazilian society.”

“We prioritise transforming resources into wealth for the country while following the sustainable path for the energy transition.”

“Petrobras doesn’t pursue profit for profit.”

“Our goal is to generate value for shareholders and society through taxes, dividends and job growth.”

Petrobras reported a net profit of $5.34 billion for the third quarter of the year, on revenues of $21.78 billion, benefiting from the strong rise in worldwide oil prices, as did its rivals. It also touted a drop in gross debt from $79.58 billion in the third quarter of 2020 to $59.6 billion.

The large net revenue, on the other hand, drew a rebuke from Brazil’s president, who chastised Petrobras for rising fuel prices and taking too much profit.

Thanks to its presalt zone, which holds huge hydrocarbon reserves waiting to be exploited, Brazil has recently emerged as one of the most important oil and gas hotspots. Despite the green transition effort, there is a lot of interest from investors. Brazil is currently Latin America’s greatest oil producer, but the country now wants to be one of the top five worldwide crude producers.