UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K
Report of Foreign Private
Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange
Act of 1934
For the month of
November, 2021
Commission File Number
1-15106
PETRÓLEO BRASILEIRO
S.A. – PETROBRAS
(Exact name of registrant
as specified in its charter)
Brazilian Petroleum
Corporation – PETROBRAS
(Translation of Registrant's
name into English)
Avenida República
do Chile, 65
20031-912 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal
executive office)
Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form
40-F _______
Indicate by check mark
whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
Petrobras approves Strategic Plan 2022-2026
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Rio de Janeiro, November 24, 2021 – Petróleo
Brasileiro S.A. – Petrobras informs that its Board of Directors approved, in a meeting held today, the Strategic Plan for the five-year
period 2022-2026 (SP 2022-26).
With the vision of "Being
the best energy company in value generation, focused on oil and gas, sustainability, safety, respect for people and the environment,"
Petrobras reaffirms its values: (i) Respect for life, people and the environment; (ii) Ethics and transparency; (iii) Overcoming and trust;
(iv) Market orientation and Results. Furthermore, the company maintains its purpose of "Providing energy that ensures prosperity
in an ethical, safe, and competitive manner.
“Petrobras maintains its consistent
strategy of focusing on projects with full potential to generate resources and contributions to the Brazilian society. We prioritize transforming
resources into wealth for the country while following the sustainable path for the energy transition. We have expanded our investment
forecast for the coming years and we are doing this with extreme responsibility and dilligence in allocating resources," said Petrobras
CEO Joaquim Silva e Luna.
The SP 2022-26 presents four top
metrics that quantify the attributes of the vision and provide more explicit guidance on Petrobras' main short-term goals. Life is a non-negotiable
value for Petrobras and, therefore, the company continues to aim for zero fatalities. The TRI indicator (total recordable injuries per
million man-hours) is one of our top metrics, but it is not used for employee variable compensation purposes. For 2022, the alert limit
remains below 0.7, which reaffirms Petrobras' commitment to life and places it in the best quartile of the industry.
In order to ensure alignment of
incentives for the achievement of the goals, three of these metrics will directly impact the compensation of executives and all company
employees in 2022. The metrics are:
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Indicator of compliance with the targets for greenhouse
gas emissions (IAGEE) of 100%;
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·
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Volume of oil and oil products leaked (VAZO), with
an alert limit of 120 m³;
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·
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Consolidated Delta EVA® of US$ 2 billion.
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The IAGEE and VAZO metrics are aligned with the low carbon
and environmental sustainability commitments of the SP 2022-26, which maintained the ambition of zero leakage.
The last strategic plan’s gross debt metric was
excluded due to the achievement of the US$ 60 billion target in the 3Q21. However, in order to maintain the incentives for proper leverage
management, the maintenance of gross debt below US$ 65 billion will be considered as a trigger of the top metric Delta EVA®. Therefore,
if this value is exceeded, the Delta EVA® top metric score will be counted as zero.
www.petrobras.com.br/ir
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investors Relations
email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. Henrique Valadares, 28 – 19 Floor – 20231-030 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.
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The SP 2022-26 maintains an active portfolio management,
with expected divestments between US$ 15 and US$ 25 billion, which will contribute to improve operational efficiency, return on capital
and cash generation needed to maintain debt at an adequate level, as well as support the best investment opportunities. Active management
allows Petrobras to focus on assets that have the potential to raise the portfolio's expected return in a sustainable way.
The investments planned for the 2022-2026 period are US$
68 billion, with 84% of this total allocated to oil and natural gas exploration and production (E&P). Of the total E&P CAPEX (US$
57 billion), about 67% will be allocated to pre-salt assets. This allocation fits the company's strategic focus, with resources increasingly
concentrated on assets in deep and ultradeep waters, where it has shown a great competitive differential over the years, producing better
quality oil and with lower greenhouse gas emissions.
It is important to note that the SP 2022-26 CAPEX includes
the amount of US$ 1.8 billion in projects related to initiatives of decarbonization of operations, with emphasis on CO2 separation,
methane detection systems, commissioning of closed flare, HISEP technology, projects to reduce carbon in refineries, among others. Most
of these initiatives are related to the optimization of production and/or operational efficiency, with important effects on the reduction
of emissions.
Oil, NGL and natural gas production
The oil and gas production curve projected for the 2022-2026
period indicates continued growth, even considering divestments. In line with the company's strategic focus, E&P activities are concentrated
in deep and ultradeep waters in Brazil, representing 92% of its total production in 2022, with prospects of reaching 100% in 2026. Production
from the pre-salt will represent 79% of the company's total at the end of the five-year period.
The production curve considers the start-up of 15 projects
with new platforms in the period 2022-2026, 9 chartered and 6 owned. The oil production target for 2022 was revised to 2.1 million barrels
of oil per day, considering a variation of 4% up or down, mainly due to the impacts related to COVID and to the divestments that took place at the end of 2021. The
total production target for 2022, including oil and natural gas, is 2.7 million barrels of oil equivalent per day, also considering a
variation of 4% up or down.
www.petrobras.com.br/ir
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investors Relations
email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. Henrique Valadares, 28 – 19 Floor – 20231-030 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.
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* With a variation of +/- 4%. Decrease of 0.1
MMboed from SP 2021-2025 year 2022 due to COVID effects and incremental CNOOC stake in Búzios.
Low carbon and sustainability commitments
Petrobras continues to strengthen its initiatives related
to environmental, social, and governance (ESG) aspects, with a firm commitment to accelerate its decarbonization and to always act ethically
and transparently, with safety in its operations and respect for people and the environment. The strategic model adopted remains anchored
in the premise of producing oil and gas compatible with accelerated decarbonization scenarios in the society, adopting the concept of
double resilience: economic, resilient to low oil price scenarios, and environmental, with low carbon. Currently, our production is in
the first quartile in carbon intensity in the offshore oil and gas industry, being a low emission and high efficiency player, especially
the pre-salt fields.
In line with the ambition of achieving greenhouse gas
emissions neutrality in operations under the company's control (scopes 1 and 2), a corporate decarbonization program is being developed
to speed up and reduce costs in decarbonization solutions, bringing greater competitiveness to the company. The program will also involve
opportunities related to scope 3 and will be supported by a dedicated decarbonization fund, with an initial budget of US$
250 million, which may be used in initiatives involving scopes 1, 2 and 3.
www.petrobras.com.br/ir
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investors Relations
email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. Henrique Valadares, 28 – 19 Floor – 20231-030 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.
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Furthermore, in the SP 2022-26, Petrobras is advancing
in the analysis of possible new businesses that can reduce exposure and dependence on fossil sources and, at the same time, be profitable,
ensuring the company's long-term sustainability. In this sense, a governance for approval of entry into new businesses focused on diversifying
Petrobras' portfolio is being created, prioritizing businesses related to the energy segment or new products that are not foreseen in
the current strategic plan. The plan does not consider any CAPEX related to the profitable diversification.
The company's vision of sustainability is also based on
solid commitments in the eco-efficiency of its operations and in the area of social responsibility, covering social and environmental
projects, human rights and community relations.
Petrobras' sustainability commitments, reinforced
in the SP 2022-26, are:
Climate Change
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1.
Reduction of the total operational absolute emissions by 25%
by 2030
2.
Zero routine flare burning by 20301
3.
Reinjection of ~40MM ton CO2 until 2025 in CCUS
projects2
4.
32% reduction in carbon intensity in E&P by 2025(15 kgCO2e/boe,
maintained by 2030)
5.
40% reduction in methane emission intensity in E&P by
2025
6.
16% reduction in refining carbon intensity by 2025, increasing
to 30% by 2030 (30 kgCO2e/CWT)
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Water
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7. 50% reduction in water collection in our operations by 2030
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www.petrobras.com.br/ir
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investors Relations
email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. Henrique Valadares, 28 – 19 Floor – 20231-030 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.
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Residues
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8. Zero growth in process residues generation by 2025
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Biodiversty
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9. 100% of Petrobras facilities with biodiversity action plans by 2025
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Social- Environmental Projects
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10. Investments in social and environmental projects , human rights programs, community relationship and solution to social and environmental problems, involving opportunities for action with our stakeholders and clientes of Petrobras products
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Carbon commitments related to 2015 base. Other
commitments based on 2018.
¹ In accordance to the zero routine flaring
initiative of the World Bank ²CCUS: Carbon Capture, Utilization and Storage
The SP 2022-26 proposes a set of strategies that
incorporate and give visibility to events and issues that are relevant to Petrobras' future, such as: (i) transparency and focus on sustainability
(ESG), particularly in relation to decarbonizing operations; (ii) maximizing portfolio value, with a focus on deepwater and ultradeepwater
assets; and (iii) adding value to the refining park, with more efficient processes and new products; and (iv) strengthening the integration
of commercialization and logistics activities.
This strategic plan shows Petrobras'
commitment to being a company that is increasingly focused on generating value, turning resources into wealth for the society. With the
debt now stabilized, the company will continue to act with strong capital discipline, concentrating its investments in the development
of the pre-salt, always focusing on carbon efficiency to remain one of the most efficient oil and gas producers in the world, while maturing
new business opportunities.
www.petrobras.com.br/ir
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investors Relations
email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. Henrique Valadares, 28 – 19 Floor – 20231-030 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 24, 2021
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Rodrigo Araujo Alves
______________________________
Rodrigo Araujo Alves
Chief Financial Officer and Investor Relations
Officer
Petroleo Brasileiro ADR (NYSE:PBR)
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