Developer profile

Petrobras

Rio de Janeiro, Brazil

About

as of 2026-10

Brazil's state-owned oil and gas company, controlled by the federal government and headquartered in Rio de Janeiro; Brazilian law requires the government to own the majority of its voting stock. Its business segments include Exploration & Production, Refining, Transportation & Marketing, and Gas & Low Carbon Energies, and its renewable energy businesses sit in the last of these, beside gas trading, thermoelectric power and biodiesel. In its 2025 annual report on Form 20-F, offshore wind appears only as a sector whose Brazilian legal framework is still being defined. Its stated renewable plans are onshore: partnerships for solar and onshore wind, an agreement in December 2025 to take 49.99% of Lightsource bp's Brazilian subsidiaries, and a 7 MW onshore wind turbine put into operation in 2025 as a research project with WEG and Statkraft. So for now offshore wind is not a business line for Petrobras.

Outlook

as of 2026-09
Stated target
Target discontinued / none stated
Return discipline
—
Strategic read

Brazil's state-controlled oil major made a dramatic entry into offshore wind under CEO Jean Paul Prates in 2023, expanding the Equinor joint venture to 14.5 GW, independently filing 23 GW with IBAMA, and declaring an ambition to "reign alone" in Brazil's market. Under his successor Magda Chambriard, CEO since June 2024, the strategy has reversed decisively. The 2026-2030 business plan removed all commercial offshore wind projects, redirected budget to biofuels and relegated offshore wind to R&D, with entry only after 2031; Chambriard has said solar, wind and hydrogen become more important "from 2035 onwards". The key internal champion, Mauricio Tolmasquim, left in May 2025. Only a small floating pilot in Rio de Janeiro, to power pre-salt platforms, and the BRAVO LiDAR buoy research survive. The paper pipeline of about 37 GW exists as IBAMA applications with no capital committed. The gap between what was said and what happened is extreme: the rhetoric went from "largest developer" to offshore wind entry only after 2031 in under two years.

What they've said

9 statements 2023-03 – 2026-04
  1. 2026-04 bearish
    Annual Report and Form 20-F 2025
    “Additionally, we continue to pursue partnerships for solar photovoltaic and onshore wind energy projects, aiming to capture commercial opportunities and expand our renewable self-generation energy capacity.”
    Petrobras (company report) source →
  2. 2026-04 cautious
    Annual Report and Form 20-F 2025, risk factors
    “The Brazilian legal frameworks related to the low-carbon economy and energy transition, such as carbon capture and storage, offshore wind power plants and production of hydrogen from renewable sources, are still being defined.”
    Petrobras (company report) source →
  3. 2025-12 bearish
    Business Plan 2026-2030 approval
    “The Espirito Santo offshore wind farm and Aracatu project were eliminated from the business plan. Offshore wind relegated to R&D, with entry only after 2031. It is crucial to enter the market at the right time to avoid losing money.”
    Petrobras Board (under CEO Magda Chambriard) source →
  4. 2025-09 bearish
    Bloomberg interview
    “Until 2035, molecules will definitely be our priority. From 2035 onward, there's a range of energy sources. We believe that solar, wind, and hydrogen will also be more important to us from 2035 onwards.”
    Magda Chambriard, President and CEO source →
  5. 2025-05 bearish
    Tolmasquim departure announcement
    “Departure of Energy Transition Director Mauricio Tolmasquim, the key internal champion of offshore wind, confirmed. Tolmasquim appointed to Eletrobras board by President Lula.”
    Magda Chambriard, President and CEO source →
  6. 2024-05 bullish
    OTC 2024 Executive Dialogue, Houston
    “When we look at wind, we look at offshore wind because we work with all the complex machines we already fabricate and operate every day, like an FPSO. I always played with no demerit that wind offshore is Playmobil for us. I mean, it's a kid's game. We're ready to do that big time.”
    Jean Paul Prates, President and CEO source →
  7. 2023-09 bullish
    23 GW IBAMA environmental licensing applications
    “This represents Petrobras' effective entry into the offshore wind energy segment. We are preparing the company to become the largest developer of wind energy projects in Brazil.”
    Jean Paul Prates, President and CEO source →
  8. 2023-09 bullish
    Press coverage of 23 GW filing
    “Petrobras declared its ambition to practically reign alone in this market.”
    Jean Paul Prates, President and CEO source →
  9. 2023-03 bullish
    Petrobras-Equinor Letter of Intent signing
    “This agreement will pave the way for a new frontier of clean and renewable energy in Brazil. It takes advantage of our country's great offshore wind potential and propels us toward energy transition.”
    Jean Paul Prates, President and CEO source →

Portfolio

17 held · live stages first, exits last
Early Development · 0.02 GW (1)Proposed · 26.9 GW (16)

Capacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 34.1 GW.

ProjectCountryStageMWStakeNet MW
Planta Piloto Petrobras Brazil Early Development 18 100% 18
Mostardas Brazil Proposed 3510 100% 3510
Araioses Brazil Proposed 2808 100% 2808
Prazeres Brazil Proposed 2394 100% 2394
Piedade Brazil Proposed 2268 100% 2268
Fortaleza Brazil Proposed 2160 100% 2160
Costa Branca II Brazil Proposed 2106 100% 2106
Espírito Santo I Brazil Proposed 1980 100% 1980
Costa Branca I Brazil Proposed 1458 100% 1458
Atoba Brazil Proposed 2490 50% 1245
Ginga Brazil Proposed 1062 100% 1062
Mangara Brazil Proposed 2010 50% 1005
Ibitucatu Brazil Proposed 2010 50% 1005
Colibri Brazil Proposed 2010 50% 1005
Ibituassu Brazil Proposed 2010 50% 1005
Aracatu I Brazil Proposed 1920 50% 960
Aracatu II Brazil Proposed 1920 50% 960