Petrobras to use technology to lower oil, gas production costs

Petroleo Brasileiro SA will apply technology to sharply lower oil and gas production costs and ensure the Brazilian state-run oil company thrives through the energy sector’s coming transition to lower carbon emissions, said CEO Roberto Castello Branco.

Technology can shrink the time needed to drill and produce new oil and gas wells, and cut costs of producing lower-carbon fuel, he said at the CERAWeek energy conference on Tuesday.

Petrobras, as the company is better known, is raising 2025 target for carbon capture efforts to 25 million tonnes per year from 15 million tonnes.

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