National Oil Companies and the Energy Transition in Latin America: Lessons from Petrobras

The event was held in Spanish and Portuguese, with simultaneous interpretation into English.

This webinar explored the key role of national oil companies (NOCs) in Latin America’s energy transition, at a time when their economic, socio-environmental, and climate importance impacts are undeniable. But their role is rarely front and center in public debates on sustainable development and climate action. 

Latin America’s NOCs are expected to produce nearly 60% of the region’s oil and gas this year, in line with 2024 levels. Their political relevance is significant, and their fiscal contributions and role in the balance of payments are key for many economies. They not only directly influence energy decisions, but also shape Latin America’s ability to meet its climate goals and advance toward a just transition. 

NOCs are currently focused on maintaining and expanding production in this decade and beyond, directing significant investments toward exploration and production upstream. However, this strategy leaves them highly exposed to financial losses in a global context that is moving toward decarbonization. 

Despite their diversity, Latin America’s state-owned oil companies share common challenges that highlight the importance of a regional dialogue on their role in the energy transition. As an entry point for a regional discussion, the webinar will focus on the case of Petrobras—given Brazil’s role as host of COP30 and its influence in shaping a more ambitious development and climate agenda for Latin America.

Speakers:

• Suely Araújo, Observatório do Clima, on the report ‘The Petrobras We Need,’ which presents a roadmap with concrete proposals for a more sustainable future for the company.
• Ricardo Fujii (WWF-Brazil), on the report ‘Brazil at a Crossroads’ (WWF-IISD), which analyses the social, economic and climate implications of Petrobras' expansion.

Commentator:

• Isabelle Rousseau, Professor and Researcher, Founder and General Coordinator of the Energy Programme, Colegio de México
• Amylkar David Acosta Medina, Professor and Researcher at Universidad Externado de Colombia; Former Minister of Mines and Energy of Colombia

Introductory remarks: Ana Carolina Gonzales, NRGI