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Speaker 1: Joining us out please, I say, is John Paul Pratts,

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Speaker 1: CEO of PETURAT in New York. Great to see you, sir, Thank.

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Speaker 2: You Scarlet, Thank you Romaine for having me here in Blomberg.

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Speaker 1: So Petrobi is making a green energy transition like so

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Speaker 1: many other big energy companies. Yet when you look at

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Speaker 1: the numbers we just mentioned a seventy one percent increase

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Speaker 1: in E and P, explain how that seventy one percent

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Speaker 1: increase puts you on the path to green energy transition.

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Speaker 2: Well, Scarlet, transition is not to rupture. Transmission is something

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Speaker 2: for oil companies, very different from other companies. We don't

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Speaker 2: change a diesel engine into a solar panel. We have

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Speaker 2: to transform ourselves into something else. So it has to

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Speaker 2: be done very responsibly and very fairnessly. This is what

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Speaker 2: we're trying to do in Petro Bass. We are ten

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Speaker 2: years late in this process. We have been ten years

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Speaker 2: almost stuck with no renewables at all and doing some decambonization,

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Speaker 2: but much less than we could do. So now this

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Speaker 2: challenge of us is exactly to start this in a

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Speaker 2: consistent way, in parallel to things that we already know

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Speaker 2: how to do. Win the energy offshore with the shore

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Speaker 2: companies with our short facilities, hydrogen parallel to gas, coprocessing

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Speaker 2: of biofuels into our big refineries. All this must be

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Speaker 2: done in a responsible way and coherent with what we

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Speaker 2: already know what to do. This is our scope right now.

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Speaker 2: This is our biggest challenge, apart from recovering the credibility

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Speaker 2: that Petrobrass somehow got hurt years ago.

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Speaker 1: Okay, got it. So you're going to continue doing executing

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Speaker 1: on your core competencies basically while you move into green

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Speaker 1: energy as well.

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Speaker 2: We call ourselves an oil company and Transition.

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Speaker 1: An oil company in transition, well, let's talk about the

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Speaker 1: oil company part of it. How's Petrobus viewing the oil

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Speaker 1: market this year, given where oil prices are, given the

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Speaker 1: disruption in the Red Sea, given the supply demand dynamics.

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Speaker 2: I believe the disruptions will continue to exist. We are

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Speaker 2: in a phase where we're not at the very end

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Speaker 2: of the oil era. Of course, the oil era will

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Speaker 2: be probably looked at in fifty years, forty to fifty years.

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Speaker 3: Not now.

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Speaker 2: So oil is going to be very important still in geopolitics,

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Speaker 2: in the wars, in the supplies and the logistics. I

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Speaker 2: think this year will be pretty much similar to last year.

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Speaker 2: We're going to be facing around the seventy to ninety

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Speaker 2: dollars barrel. We're going to be having to protect ourselves

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Speaker 2: about political risks geopolitical risks. On our side, Petrobrass is

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Speaker 2: pretty protected. We don't import oil from the Middle East.

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Speaker 2: On the contrary, we export oil to the Far East

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Speaker 2: and to Europe, so we don't use so much of

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Speaker 2: the Gulf itself, and we don't import. Whatever we need

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Speaker 2: to import still infuse, it doesn't come from there, so

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Speaker 2: we're pretty safe into that. We didn't have to deviate

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Speaker 2: so much of our ships. We're pretty comfortable with that.

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Speaker 2: But we have to deal with these factors as well.

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Speaker 3: So the supply chain issues haven't hit you. At least

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Speaker 3: a re routing of some of those.

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Speaker 2: Very few romain very few, because as I said, we

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Speaker 2: don't use that much of that routing. We don't use

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Speaker 2: the shot canal, we don't use the go so much

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Speaker 2: as the country.

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Speaker 3: So that doesn't need to be a concern.

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Speaker 1: Here.

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Speaker 3: You mentioned the range for oil prices potentially, and that's

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Speaker 3: seventy to ninety Here, I mean, is there anything that

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Speaker 3: you see a potential catalyst they could break it out

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Speaker 3: of that range, either higher or lower.

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Speaker 2: If the Yemen crisis goes farther than it's going now,

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Speaker 2: if there is a rupture there, we have a very

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Speaker 2: fragile neck there for oil and gas business, which is

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Speaker 2: amazing because nobody was paying attention to that for decades.

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Speaker 2: Already you have Yemen on one side, so Mali on

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Speaker 2: the other side, and nobody cares. These people are miserable

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Speaker 2: and they're looking at these super ships coming up and

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Speaker 2: down and they don't touch it. You have to do

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Speaker 2: something about that before it becomes of a serious prisons

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Speaker 2: it's already on the verge of it.

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Speaker 3: How involved are you in that? And the fact that

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Speaker 3: you bring that up where at the same time you're

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Speaker 3: now seeing a growing dispute between Venezuela and Guyana, of

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Speaker 3: course close neighbors of Brazil. There have you been involved

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Speaker 3: in any way here in trying to, I guess, address

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Speaker 3: that dispute.

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Speaker 2: Yeah. The position of Venezuela is to take a position

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Speaker 2: into something that historically was constructed somehow and was resolved somehow.

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Speaker 2: All of a sudden you find big oil there and

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Speaker 2: everything starts again. Guyana, of course, has its borders settled.

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Speaker 2: Petro Brass itself is not involved in there because we're

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Speaker 2: not either in Guyana or Venezuela, even though we had

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Speaker 2: been in Venezuela before. Our diplomatic services and President Lula

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Speaker 2: himself are getting involved into mediating a solution, which of

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Speaker 2: course will guarantee the Guyana frontiers.

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Speaker 3: Would you be open and going back into Venezuela or

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Speaker 3: entering into Guyana.

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Speaker 2: We will concede. But now with this situation, we are

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Speaker 2: looking to analyze the situation itself. Guyana is a frontier

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Speaker 2: that is interesting for everybody. We have some offers there,

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Speaker 2: and Venezuela is the way we know, is still a

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Speaker 2: close country with a lot of oil assets that were

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Speaker 2: very depleted, very well mistreated. So there's a lot to

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Speaker 2: do there once somebody gets involved. Seriously, Okay, so you're.

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Speaker 1: Keeping an eye on that market. I'm curious to hear

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Speaker 1: a little bit more about Brazil's participation in OPEK and

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Speaker 1: what that means for Petro Brass. Is there any chance

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Speaker 1: of the country actually participating in quotas at some point.

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Speaker 2: Well, that's a very important question that maybe is worth

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Speaker 2: the interview to clarify the whole world about this there's

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Speaker 2: a misunderstanding about that Brazil is not getting into OPAQ

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Speaker 2: and it's not going to get subject to quotas. It

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Speaker 2: doesn't make sense for Brazil itself and it doesn't make

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Speaker 2: sense for Petro Brass for the government. Right now, all

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Speaker 2: we did as a country was signing the Chart of

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Speaker 2: Cooperation of APEC Plus, which is a third degree of cooperation.

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Speaker 2: It's not a PECK, it's not a PEC plus. It's

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Speaker 2: a third degree that it opens, especially for Brazil and

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Speaker 2: to other countries, to exchange data, to cooperate, to hear

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Speaker 2: the meetings, to understanding the point of view of the

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Speaker 2: exporters and producers of oil amid the transition. So this

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Speaker 2: is what Brazil is going to participate, not OPEQ in

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Speaker 2: quarters and all that, and not even OPEC plus. It's

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Speaker 2: the OPEC plus Chat of corporation.

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Speaker 3: Does it open the door though, for investment in Petrobrass

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Speaker 3: from some of those OPEC plus.

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Speaker 2: Nations, but that is already going on. We already have

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Speaker 2: a lot of good relation with the ADNARC, with Saudi Aramco,

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Speaker 2: with the KPC, with the Golf countries itself, with Nigeria

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Speaker 2: with Angola. So this is not anything that will have.

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Speaker 2: It helped the dialogue, It helps the exchange of data.

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Speaker 2: It will help the intelligence of Brazil about the sector,

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Speaker 2: just as much as Brazil participates in so many other forms.

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Speaker 3: All right, Jean Paul, appreciate you stopping by for John

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Speaker 3: Paul Brox. He's the CEO over at Petro Bra