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Brazil's Petrobras mulls offshore wind for next decade

Offshore wind turbines. Source: LICengineering

December 6 (Renewables Now) - Brazilian state-run oil major Petroleo Brasileiro SA (BVMF:PETR4), or Petrobras, has included offshore wind power in its plans for the next decade.

This is revealed in the company’s recently published 2019-2023 Business and Management Plan. It, however, does not give much details about specific developments.

Petrobras intends to invest roughly USD 0.4 billion (EUR 0.35bn) in renewable energies through 2023, which is a tiny portion of the total capex for the period, estimated at USD 84.1 billion. When it comes to renewables, the focus falls on wind and solar power, as well as biofuels.

A couple of months back, Petrobras signed a memorandum of understanding with another oil giant -- Norway’s Equinor ASA (NYSE:EQNR), previously known as Statoil -- to evaluate a joint business development in offshore wind power in Brazil. Petrobras stressed at the time that there is no actual obligation to proceed with such developments.

(USD 1.0 = EUR 0.878)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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