Climate Change

Tackling climate change globally is a crucial issue for humanity. We understand that energy systems are challenged by the issue, and we are committed to contribute to the Paris Agreement, a document adopted at the Climate Conference (2015) that aims to limit global temperature increase, while providing society with the so necessary access to and inclusion in power.

This vision is foreseen in our strategic planning, which guides our preparation for the changes that will occur in the future of the energy industry, especially in relation to the reduction of carbon dioxide (CO2) emissions. In the coming years we will adapt to the new requirements with investments in new and more efficient ways of generating power.

We are preparing for a future based on a low carbon economy

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In this direction, for more than 15 years we have maintained teams to manage emissions and climate change, attaining significant results in terms of emissions avoided. We pioneered publishing our emission inventories in 2002, and we are the founders of the Brazilian GHG Protocol program, considered the method companies and governments worldwide use most to prepare greenhouse gas inventories (GHG). We have also implemented processes and have ongoing projects in place to ensure that climate change is systematically considered in short-, medium-, and long-term decision-making.

Emission monitoring

Our emissions inventory is compiled through the Atmospheric Emissions Management System (Sigea®), which processes monthly information from more than 17,000 sources. The results are periodically submitted to third party verification, pursuant to ISO 14064, and are included in the GHG Protocol's public registry.

In 2016 and 2017, our total greenhouse gas emissions remained stable. In addition to investing in the continuous improvement of our operations, we seek to identify opportunities for the application of innovative technologies. Our avoided emissions curve (between 2009 and 2017) totals 108.3 million tCO2e (tonnes of carbon dioxide equivalent), which is equivalent to more than a year and a half of total system emissions.

Main mitigation actions

Our main initiatives to mitigate emissions are related to better gas utilization and improved thermoelectric efficiency.

At present, gas utilization in the exploration and production area (greater than 95%) is higher than the average of the International Association of Oil and Gas Producers (IOGP). In 2017, we reinjected 2.5 million tonnes of CO2 that was separated from the gas produced in our pre-salt fields in the Santos Basin.

Partnerships for new solutions

We acknowledge the need to innovate to meet the demand for power while yet reducing emissions. We have a history of investments in research and development in low carbon emission technologies and of collaboration in the industry. To complement this, we recently joined the Oil and Gas Climate Initiative (OGCI), an organization formed by the CEOs of the top ten oil and gas operators worldwide.

Through the OGCI, $1 billion will be invested in ten years in promising companies that need capital to leverage their projects, the so-called startups, and in the demonstration of technologies for GHG reductions. Our commitment, as well as the other members', is to invest $10 million in actions in four broad areas: Carbon capturing, usage and storage; natural gas; energy efficiency, and transportation.