‘Great Opportunity’ For Lower-Emission Oil Output in Brazil

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  • Exxon sees ‘great opportunity’ in Brazil for lower-emission oil output
  • aiming to reduce carbon emissions to net-zero by 2050 amid pressure from big investors to mark climate change concerns
  • in the last four years, Exxon has emerged as the second-largest offshore acreage owner in Brazil

Exxon Mobil Corp (XOM.N) sees its investments in Brazil’s offshore helping the company achieve a goal of lowering carbon emissions in its oil and gas production says an article on Reuters.

Net-zero emissions

Exxon’s board is considering a pledge to cut carbon emissions to net-zero by 2050 amid pressure from big investors to address climate change concerns. Previously, it vowed to reduce the intensity of its emissions from oil and gas production by 15% to 20% by 2025.

Great opportunity in Brazil

“That’s the focus right now: reduction of emissions,” Lessmann said at an event organized by the Brazil-Texas Chamber of Commerce. “Brazil brings a great opportunity for that.” Brazil’s oil regulator, known as the ANP, has since reduced the bidding prices and improved conditions.

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Source: Reuters

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