Petrobras Climate Change and Energy Transition Supplement Summary
Business Context and Reporting Period
This filing is a Form 6-K submitted by Petróleo Brasileiro S.A. – Petrobras for the month of May 2026. The document serves as the Climate Change and Energy Transition Supplement for 2025, detailing the company's strategy, performance, and governance regarding decarbonization. Petrobras operates as an integrated energy company in Brazil, aiming to balance oil and gas production with a transition to low-carbon businesses to ensure energy security and meet national climate goals.
Key Financial and Operational Metrics
- Operational Emissions (2025): Total absolute operational emissions reached 50 million tCO₂e, representing a 36% reduction compared to the 2015 baseline.
- Methane Emissions: Direct methane emissions were reduced by 62% between 2015 and 2025. Methane intensity in 2025 was 0.23 tCH₄/1,000 tHC, surpassing the 2030 target of 0.20.
- CO₂ Reinjection: In 2025, 19.6 million tons of CO₂ were reinjected into Pre-Salt reservoirs, bringing the cumulative total to over 80 million tons.
- Investment Plan (2026–2030): Petrobras plans to invest US$ 13 billion (12% of total investments) in energy transition initiatives.
- US$ 4.3 billion for operational decarbonization.
- US$ 7.9 billion for profitable diversification (bioproducts, renewable energy).
- US$ 1.2 billion for low-carbon R&D&I.
- Carbon Intensity (E&P): Achieved 14.7 kgCO₂e/boe in 2025, below the 2030 target of 15 kgCO₂e/boe.
- Carbon Intensity (Refining): Achieved 36.7 kgCO₂e/CWT in 2025, a 14.6% reduction from 2015 levels.
- Break-even Price: The prospective break-even Brent price for the E&P portfolio is US$ 25/bbl.
Material Changes and Performance
- Emission Reductions: Despite increased activity to ensure energy supply, absolute emissions remain significantly below 2015 levels due to efficiency gains and loss reduction initiatives.
- Scope 2 Offsets: In 2025, 100% of electricity acquired from third parties in Brazil was offset via Renewable Energy Certificates (I-REC), covering 183,000 tCO₂.
- Low-Carbon Products:
- Launched Petrobras Podium Diesel with 5% renewable content in January 2026.
- First deliveries of Sustainable Aviation Fuel (SAF) with renewable content occurred in December 2025.
- Expanded sales of Bunker B24 (24% renewable content) to international markets, including Singapore and Norway.
- Strategic Partnerships: Signed an agreement in December 2025 to acquire a 49.99% stake in Lightsource bp's Brazilian subsidiaries to expand solar energy projects.
Guidance, Outlook, and Risks
Strategic Outlook and Commitments
- Net Zero Ambition: Target to achieve carbon-neutral operational emissions by 2050, with annual emissions kept below 55 million tCO₂e by 2030.
- Zero Routine Flaring: Committed to eliminating routine flaring by 2030; in 2025, routine flaring accounted for only 8% of total gas flared.
- Portfolio Resilience: Under the "Commitment" scenario (accelerated transition), the portfolio value is projected to decline by 33%, but 70% of value is preserved. Under the IEA Net Zero Emission (NZE) scenario, 50% of portfolio value remains intact.
Risks and Contingencies
- Regulatory Risk (Carbon Pricing): Brazil enacted Law No. 15,042/2024 establishing the Brazilian Greenhouse Gas Emissions Trading System (SBCE). While the law is in effect, specific regulations are pending. Petrobras has not yet incorporated carbon pricing into accounting estimates due to uncertainty regarding implementation details.
- Physical Risks: Identified risks include water scarcity, extreme drought, floods, landslides, and heat waves. The company does not currently expect physical risks to have a material effect on accounting estimates.
- Transition Risks: Includes potential loss of competitiveness if decarbonization technologies are not implemented effectively and market shifts toward low-carbon fuels.
Investor Verification Checklist
- Carbon Pricing Impact: Verify the final regulations for the SBCE (Law 15,042/2024) to assess potential future costs on cash flows, as these are currently excluded from financial estimates.
- Investment Execution: Monitor the deployment of the planned US$ 13 billion energy transition budget (2026–2030) to ensure alignment with decarbonization targets.
- Lightsource bp Transaction: Track the regulatory approval status of the strategic partnership with Lightsource bp for renewable energy expansion.
- Methane Reporting: Confirm the achievement of OGMP 2.0 Level 5 reporting for one-third of the gas portfolio by 2026.
- Asset Impairment Sensitivity: Review sensitivity analyses regarding asset impairment under extreme scenarios (e.g., IEA NZE), which showed potential additional impairment losses of US$ 17,874 million in the E&P segment under specific price assumptions.