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Brazil will drill pre-salt area despite climate concerns, minister says

  • Brazil will push to expand oil drilling in its massive pre-salt oil and gas area in spite of growing global concerns about climate change, Energy Minister Albuquerque tells Reuters.
  • Brazil, as a developing country "could not release its grip on hydrocarbons," Albuquerque says, adding that oil will remain an important energy source for the world for many years to come.
  • The country can drill the pre-salt area while still meeting its goal to cut emissions under the Paris Agreement "because of its diversity of energy sources," including biofuels, hydroelectric and other renewables, the minister says.
  • Albuquerque also says the government will re-auction two exploration blocs, which failed to attract interest in a November auction, between August and October next year.
  • Relevant tickers include PBR, EWZ, BRZU, BZQ, UBR, FBZ, FLBR

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