Petroleo Brasileiro SA (Petrobras) has signed an MOU with Mitsui & Co. (Brasil) SA to evaluate low-carbon business opportunities in Brazil. The agreement was signed during CERAWeek by S&P Global, the energy conference under way in Houston.
The partnership involves evaluating potential opportunities for the production of sustainable hydrogen and its derivatives, the use of biomethane, and CO2 capture, transportation, and storage (CCS). "The agreement with Mitsui seeks to identify common synergies in potential projects in low-carbon segments in Brazil. We will also explore how these synergies can open up commercial opportunities in Japan, one of the largest potential markets for renewable products," said Petrobras' director of energy transition and sustainability, Maurício Tolmasquim.
Petrobras said the MOU aligns with the low-carbon segments prioritized in its 2024-28+ strategic plan, aimed at preparing “Petrobras for a more sustainable future and [to] contribute to a fair energy transition.” The company has been investigating the development of geologic hydrogen resources near Rio de Janeiro. It earlier this year also committed to investing $18 million to build a pilot pyrolysis plant to produce green hydrogen.
