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The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

☆ Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says
▼ + stars: | 2023-12-01 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +2 min

Jean Paul Prates, CEO of Brazil's state-run oil company Petrobras, speaks during a news conference at the Petrobras headquarters in Rio de Janeiro, Brazil March 2, 2023. "We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas." Brazil's energy minister said on Thursday the country was eager to join OPEC+ after a full technical analysis. Brazil is the largest oil producer in South America, at 4.6 million barrels per day of oil and gas, of which 3.7 million bpd are crude. Prates, who in October received OPEC Secretary General Haitham Al Ghais in Brazil, noted OPEC+ was a group that includes countries with no voting rights and to which production caps are not imposed, which would be the case of Brazil.

Persons: Jean Paul Prates, Pilar Olivares, Luiz Inacio Lula da Silva's, Haitham Al, Brazil's, Prates, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan Organizations: Petrobras, REUTERS, DE, PETR4, Reuters, OPEC, Thomson Locations: Brazil's, Rio de Janeiro, Brazil, DE JANEIRO, OPEC, American, South America, Haitham Al Ghais

☆ Petrobras CEO replacement being discussed within Brazil gov't, sources say
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

President Luiz Inacio Lula da Silva has shown dissatisfaction with certain actions taken by CEO Jean Paul Prates. Lula asked the CEO to tweak Petrobras' investment plan to prioritize local job creation, Reuters reported last week. "There should be changes" in the presidency of Petrobras, one of the sources said. Last week, Mines and Energy Minister Alexandre Silveira said it was past time for Petrobras to reduce diesel and gasoline prices at its refineries. Reporting by Sabrina Valle and Lisandra Paraguassu; Writing by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Jean Paul Prates, Lula, Prates, Alexandre Silveira, Sabrina Valle, Lisandra, Peter Frontini, David Gregorio Our Organizations: Petroleo Brasileiro SA Petrobras, HOUSTON, Petrobras, PETR4, Reuters, Mines, Energy, Thomson Locations: BRASILIA

[1/2] A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. Lula told Prates that Petrobras should commission 25 ships to be built in Brazilian shipyards, instead of the four currently planned. When asked for comment, Petrobras referred Reuters to a Nov. 8 statement, in which it said it is still finalizing its investment plan. Last week, Reuters reported that Petrobras' plan will include around $100 billion in investments that the firm is both analyzing and those it has already committed to. In the previous 2023-2027 plan, Petrobras projected $78 billion in investments.

Persons: Sergio Moraes, Luiz Inacio Lula da Silva, Jean Paul Prates, Prates, Lula, Brazil's, Sabrina Valle, Lisandra Paraguassu, Rodrigo Viga Gaier, Marta Nogueira, Fabio Teixeira, Roberto Samora, Gabriel Stargardter, Marguerita Choy Organizations: REUTERS, HOUSTON, RIO DE, Petrobras, PETR4, Reuters, Thomson Locations: Rio de Janeiro, Brazil, BRASILIA, RIO, RIO DE JANEIRO, Brasilia, Mato Grosso, Sul, Petrobras

☆ Exclusive: Brazil's Petrobras plans China subsidiary in push to boost ties, CEO says
▼ + stars: | 2023-08-31 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Prates said Petrobras aims to open the Chinese subsidiary next year, after getting formal approval. "It's important to them," Prates said in a phone interview during a business trip to China. "It is an interesting signal, saying that in the same way that we have a Petrobras America, we will have a Petrobras China, because both countries are equally important to us," he added. Prates said Petrobras China subsidiary would allow Petrobras to operate and participate in projects as partner even in other countries, including in Africa. Petrobras wants to increase its share of China's oil imports to 15% from the current 5% in the next 10 to 20 years, Prates said.

Persons: Sergio Moraes, Jean Paul Prates, Jair Bolsonaro, Prates, Luiz Inacio Lula da Silva, Lula, didn't, Marta Nogueira, Gabriel Araujo, Brad Haynes, David Gregorio Our Organizations: Petroleo Brasileiro S.A, REUTERS, DE, Petrobras, PETR4, Reuters, Petrobras America, White House, HK, CITIC, China Development Bank, Bank of China, Thomson Locations: Rio de Janeiro, Brazil, DE JANEIRO, SA, China, Petrobras China, United States, Beijing, Africa

☆ Brazil's Petrobras to trim dividends under new policy
▼ + stars: | 2023-07-29 | by ( Peter Frontini | ) www.reuters.com time to read: +1 min

SAO PAULO, July 28 (Reuters) - Brazilian state-run oil firm Petrobras' (PETR4.SA) board of directors on Friday approved a new shareholder remuneration policy that will trim its hefty dividend and allow share buybacks, according to a securities filing. Under the new policy, Petrobras' quarterly dividend will have to be at least 45% of its free cash flow, down from the current 60%, when the firm's gross debt is below $65 billion. In 2022, Petrobras paid a total of 215.8 billion reais to its shareholders, including the Brazilian government, which holds a controlling stake in the firm. Petrobras will announce its second-quarter dividends and earnings on Aug. 3 after the market closes. Reporting by Carolina Pulice and Peter Frontini; Editing by Brendan O'Boyle and Kylie MadryOur Standards: The Thomson Reuters Trust Principles.

Persons: Jean Paul Prates, Carolina Pulice, Peter Frontini, Brendan O'Boyle, Kylie Madry Organizations: SAO PAULO, Petrobras, SA, Reuters, Thomson

But OPEC ministers and executives from oil companies told a two-day conference in Vienna governments needed to turn their attention from supply to demand. But record profits from oil and gas last year and relatively low returns from renewable energy prompted some investors to demand companies renew their focus on oil and gas to raise profits. DEMAND HITS RECORDMeanwhile, oil demand has reached new peaks of above 102 million barrels per day this year, recovering from a dip during the COVID-19 pandemic. It is expected to rise further, driven by strong demand from Asia and for petrochemical production, oil executives and analysts said. The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices.

Persons: Bernard Looney, Wael Sawan, Abu, Sultan al Jaber, Patrick Pouyanne, Jean Paul Prates, Prates, Amin Nasser, Dmitry Zhdannikov, Barbara Lewis Organizations: BP, of, Petroleum, Reuters, Bloomberg, Wall Street, Companies, Shell, BBC, Investments, Rystad Energy, Petrobras, PETR4, Saudi Aramco, Thomson Locations: Vienna, VIENNA, Ukraine, Asia, Abu Dhabi

☆ Petrobras eyes global expansion as Brazil hopes fade, sources say
▼ + stars: | 2023-06-01 | by ( Marta Nogueira | ) www.reuters.com time to read: +4 min

[1/3] A worker walks inside the Brazil's Petrobras P-66 oil rig in the offshore Santos basin in Rio de Janeiro, Brazil September 5, 2018. Petrobras' main bet on replenishing its reserves had been the Equatorial Margin, some 2,200 km of deepwater and ultra-deepwater assets along Brazil's northern and northeastern coast. According to one of the sources, the Equatorial Margin has been the company's "Plan A, B, and C" for restocking reserves. In March, Reuters reported that Petrobras was among at least 10 companies including Shell and Chevron to consider bidding on a Guyana oil auction, now scheduled for July. Such projects could also add scope for foreign expansion, said Mauricio Tolmasquim, Petrobras' chief energy transition and sustainability officer.

Persons: Pilar Olivares, Luiz Inacio Lula da Silva, Ibama, Jean Paul Prates, Prates, Lula, Mauricio Tolmasquim, Marta Nogueira, Gabriel Stargardter, David Gregorio Our Organizations: Petrobras, REUTERS, RIO DE, Brazil's Petrobras, Reuters, Petroleo, government's Energy Research, Ocean, Exxon Mobil, Estado, S, Shell, Chevron, Brazil, Thomson Locations: Santos, Rio de Janeiro, Brazil, RIO, RIO DE JANEIRO, Foz de Amazonas, Guyana, Suriname, Colombia, Argentina, Bolivia

☆ Venezuela's Maduro meets Lula on first visit to Brazil since 2015
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

Brazil's former hard-right President Jair Bolsonaro had banned Maduro from entering Brazil when he took office in 2019, a measure that Lula lifted when he returned to power this year. Lula and Maduro met at the presidential palace and were scheduled to sign agreements in the early afternoon. Among the issues on their agenda was a large debt Venezuela has run up with Brazil's National Development Bank, Brazilian officials said. Brazilian Finance Minister Fernando Haddad was due to meet with Maduro and Lula, they added, and the president of state-run oil company Petrobras, Jean Paul Prates. The organization floundered when several South American countries elected right-wing governments, creating diplomatic fissures on the continent.

The new pricing system scraps a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates. In a research note, JPMorgan (JPM.N) described the reworked pricing policy as "more friendly than investors expected." The policy shift will be tested when oil prices rise, and apply upward pressure on what consumers can expect to pay for motor fuels or LPG. Petrobras' new pricing policy also came under criticism from some as too opaque. The previous pricing policy was adopted seven years ago by conservative former President Michel Temer.

☆ Brazil's Petrobras scraps fuel import parity policy, shares rise
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, May 16 (Reuters) - Brazil's state-run oil giant, Petrobras (PETR4.SA), has approved a new commercial strategy to set diesel and gasoline prices, it said on Tuesday, ditching its previous import parity policy without revealing a specific fresh pricing formula. "The end of pricing parity is not good, but this was already expected." "The new policy scraps the 'import parity' terminology, but in our view it has not changed materially," Credit Suisse analyst Regis Cardoso said. The import parity policy was adopted in 2016 by former President Michel Temer. People close to Lula celebrated the announcement, with his Mines and Energy minister, Alexandre Silveira, telling reporters the policy would not impose as much volatility as the import parity used to.

☆ Petrobras awaits government OK to drill at mouth of Amazon River
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, April 29 (Reuters) - Brazilian state-run oil firm Petrobras (PETR4.SA) said on Saturday that it is awaiting the government's stance on its request to drill a well at the mouth of the Amazon River Basin, following a technical recommendation by the country's environmental agency to reject the proposal. "We're technically ready, waiting for the official position on our drilling campaign in the region," he added. But a technical report from Brazil's environmental agency Ibama has advised against the request, citing discrepancies in environmental studies, inadequate measures for communicating with indigenous communities, and insufficiencies in Petrobras' plan to safeguard the region's wildlife. The technical report will serve as the basis for the environmental agency's ultimate determination on whether or not to authorize activities in the area. Reporting by Marta Nogueira, Writing by Marcela Ayres; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras faces legal risks after halting asset sales -lawyers
▼ + stars: | 2023-03-03 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Lula appointee Petrobras Chief Executive Jean Paul Prates told reporters on Thursday "everything is halted for analysis." There is no stipulation for that," Alexandre Calmon, lead partner of law firm Campos Mello Advogados' energy area, told Reuters. "That would be a breach of contract," he said, adding if "Petrobras fails to do something that it is obligated to do, it can be held responsible." The lawyer also explained that sale processes already signed but not concluded are not under the control of the oil company. The sale halt marks a major shift from the stance taken by former President Jair Bolsonaro's administration, which oversaw a number of Petrobras assets sales, including oilfields and refineries.

Carminatti led as chief geologist the discovery in 2006 of one of the world's largest offsfhore oil deposits this century, the pre-salt. The salt barrier alone was more profound than any well that Petrobras, the world's leader in deep-water exploration, had drilled before. The pre-salt area is now responsible for more than 70% of Brazil's daily production of near 4 million barrels of oil and gas. Past CEOs have failed to convince him to take a post as head of a division in the company. Petrobras experts have compared the oil deposits in the region those of nearby Guyana.

Companies Petroleo Brasileiro SA Petrobras FollowHOUSTON, Jan 27 (Reuters) - The new Chief Executive of Brazil's Petrobras, Jean Paul Prates, has picked geologist Mario Carminatti to head the oil company's exploration and production division, people with knowledge of the information said on Friday. Petrobras said in a securities filing it had not received official statements regarding the nomination of any executive. He won praise for the pre-salt discovery, pressing on with drilling though the salt barrier that alone was deeper than any well that Petrobras, the world's leader in deep-water exploration, had drilled before. The pre-salt area is now responsible for more than 70% of Brazil's daily production of near 4 million barrels of oil and gas. Carminatti is currently involved in an almost $3 billion exploration effort in a new frontier North of Brazil, the Equatorial Margin.

☆ Brazilian ex-senator takes over as Petrobras CEO; shares fall
▼ + stars: | 2023-01-26 | by ( Marta Nogueira | ) www.reuters.com time to read: +3 min

Prates was unanimously approved by the board, on which he will also hold a seat, Petrobras said in a securities filing. He has said the Lula government would not take an aggressively interventionist approach to Petrobras. Petrobras made bumper payouts in recent quarters, but Prates has said the company cannot "just keep tapping sub-salt oil and paying dividends". Prates, who was a senator for the past four years, is the first politician in several years to hold a high-ranking office at Petrobras. Earlier in the day, the Brazilian Senate's official gazette published the resignation of Prates as a lawmaker.

☆ Brazil's govt formalizes Prates nomination as Petrobras CEO
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, Jan 13 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) said on Friday the government has officially nominated Jean Paul Prates to serve as its chief executive officer and board member. President Luiz Inacio Lula da Silva had already announced he would appoint Prates for the top job. Reuters reported earlier on Friday, citing sources, that the nomination had been formalized. Reporting by Marta Nogueira and Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Incoming Petrobras CEO Prates rules out fuel price interventions
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - The incoming chief executive of Brazil's oil company Petrobras (PETR4.SA) said on Wednesday there will be no interventions in fuel prices, and shares of the state-run firm rose. Jean Paul Prates, handpicked by President Luiz Inacio Lula da Silva to lead the company, told journalists he does not intend to unlink Petrobras' fuel prices from those of international markets, but "will unlink them from import parity." Without forcing, without imposing a tariff, with absolutely no direct intervention in the market," Prates explained. His remarks, which echoed comments he made after his appointment as CEO, boosted Petrobras' share price, said Reach Capital's investment head, Ricardo Campos. Reporting by Marta Nogueira and Paula Arend Laier; Writing by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras CEO resigns as ministry chooses his successor -sources
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Petrobras did not immediately comment on the resignation. Andrade had been handpicked by former right-wing President Jair Bolsonaro after three of his predecessors left following clashes with Bolsonaro over Petrobras' fuel pricing policy. Prates will need final approval as a board member and subsequently as CEO from the firm's current board of directors. Andrade's term had been set to expire in April, but Reuters reported late last year that he had decided to resign earlier. Reporting by Carolina Pulice, Peter Frontini and Marta Nogueira; Editing by Mark Porter, Bradley Perrett and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil markets fall after Lula takes office vowing to end poverty
▼ + stars: | 2023-01-02 | by ( Anthony Boadle | ) www.reuters.com time to read: +4 min

[1/2] Brazil's President Luiz Inacio Lula da Silva, his wife Rosangela "Janja" da Silva and Chief Raoni walk through the ramp of the Planalto Palace after Lula's swearing-in ceremony, in Brasilia, Brazil, January 1, 2023. Lula narrowly defeated far-right former President Jair Bolsonaro in October, swinging South America's largest nation back on a left-wing track. Lula spent his first day in office meeting with more than a dozen heads of state who attended his inauguration. In his swearing-in speech to Congress, Lula said he was not seeking revenge, but any crimes committed under Bolsonaro would be held accountable with due legal process. ($1 = 5.3458 reais)Reporting by Anthony Boadle and Gabriel Araujo in Brasilia Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Lula decrees extension for tax exemption on fuels in Brazil
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Jan 1 (Reuters) - Brazil's newly sworn-in President Luiz Inacio Lula da Silva signed a decree on Sunday extending for 60 days an exemption for fuels from federal taxes, a measure passed by his predecessor aimed at lowering their cost. The decree was among the first batch of decisions taken by Lula hours after his inauguration as president, succeeding far-right President Jair Bolsonaro, and officially establishing his cabinet of 37 ministers. Prates said the exemption could be resumed by the new government in a "much more comfortable" way. He has said that one option under study was an extension for six months or until the end of the year for tax exemptions on diesel and liquefied petroleum gas. The extension for gasoline was opposed by sectors of the economy, such as the ethanol industry, which loses ground in its tax advantage over gasoline.

But Jean Paul Prates, nominated on Friday to be chief executive, has been advocating for higher investments in renewables. "Petrobras is a company for the long run and cannot just keep exploring sub-salt oil and paying dividends," Prates said in a press conference this month. Prates, a senator for the past four years, will become the first politician to hold a high-ranking office at Petrobras in several years. Petrobras, Prates and the transition team's press officer did not immediately respond to requests for comment. Prates has defended higher Petrobras investments in the refining sector as a way to secure Brazil's fuel supply.

☆ Next Petrobras CEO says he will change company's fuel price policy
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Dec 30 (Reuters) - The incoming chief executive of Brazil's state-run oil company Petrobras (PETR4.SA) said on Friday he planned to tweak the country's fuel price policy, but said investors need not worry. Prates told journalists he will change the firm's pricing policy, which pegs fuel to global oil prices, but stressed that this does not mean prices will be completely unlinked to the international market. "Petrobras' pricing policy will be changed, but not necessarily to traumatize investors," he said. The company's pricing policy was at the center of turmoil during President Jair Bolsonaro's administration. Three of Petrobras' CEOs were ousted during his term, as fuel price hikes stoked inflation and hurt his popularity.

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Dec 23 (Reuters) - Caio Paes de Andrade, the chief executive of Brazil's state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters. Andrade's early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to quickly install his own choice to lead the company. Lula, a leftist former president, takes office on Jan. 1. Prates has previously said the incoming government will not have an interventionist stance on Petrobras. Petrobras had previously said Andrade had accepted an invitation from future Sao Paulo state Governor Tarcisio Freitas to join his team.

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