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Petrobras to continue producing oil for the next 4 decades, says exec
Brazilian state-run oil company Petrobras PETR4.SA expects to continue to produce oil for the next four decades, while also boosting investments in renewables as it seeks to drive an energy transition, an executive said on Tuesday. Joelson Mendes, the firm's Chief Exploration and Production Officer, said at an event hosted by Santander that Petrobras understands global oil demand will drop in the future, but thinks there will still be room to commercialize its fossil fuels. Mendes said the company is likely to maintain a "balanced portfolio" throughout the next decade, reconciling investments in both oil and ... (full story)