Petrobras is studying how Chevron Corp. managed to resume operations in Venezuela to see if it makes sense for the state-controlled Brazilian oil company to re-enter the oil-rich nation, Chief Executive Jean Paul Prates said.
It makes “geopolitical sense” for Petrobras to consider expanding into Venezuela and Bolivia because they are neighboring countries with great oil and gas potential, Prates said in a televised interview Monday afternoon. Prates said he sees potential for natural gas in Bolivia even though production has been declining.
Prates warned that Venezuela’s oil industry has suffered “extreme decline,” adding that Petrobras will not “carry Venezuela on its back.”
Petrobras has had difficulty discovering new oil fields in Brazil in recent years and is looking abroad to develop new projects. Oil production in Brazil is expected to begin declining by the end of the decade unless new discoveries are made.
Prates also mentioned countries in the South Atlantic, including Suriname and Namibia, as potential locations for offshore oil and gas investments. Prates cited China as an important partner for both oil projects and the energy transition. He expects Petrobras to team up with Chinese companies to develop offshore wind and green hydrogen projects in Brazil.
