Petrobras Must Accelerate Oil Exploration, Says New President

In her first interview, Magda Chambriard states that the state-owned company is 'capable of guaranteeing returns to shareholders'

Rio de Janeiro

In her first interview after assuming the presidency of Petrobras, Magda Chambriard indicated a reinforcement of the strategy to seek new oil reserves, which is questioned by environmentalists amidst the climate crisis and tragedies such as the floods in Rio Grande do Sul. Magda took office on Friday (24) and, in her public speech, defended the exploration of the equatorial margin, said that the state-owned company will not enter into unprofitable businesses, and that she received from President Lula (PT) the mission to manage the company with "respect for Brazilian society."

Brazilian oil and gas company Petrobras President Magda Chambriard gestures during a press conference in Rio de Janeiro on May 27, 2024. The Brazilian company Petrobras confirmed Chambriard as its new president on May 24, ten days after the dismissal of Jean Paul Prates by President Luiz Inacio Lula da Silva. (Photo by Pablo PORCIUNCULA / AFP) - AFP

"We have to be very careful with the replenishment of reserves, unless we want to accept the fact that we can return to being importers, which for me is out of the question," she said. "The exploratory effort of this company has to be maintained, it has to be accelerated."

"We have new important frontiers to pursue, among them the issue of Amapá, in the Foz do Amazonas basin," she continued, advocating that the impasse over licensing wells in the North region be resolved by the National Energy Policy Council.

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