Brazil has a huge potential to lead the global energy transition, especially after improving its regulatory framework and consolidating new sources of clean energy – such as wind, solar, and biomass – providing national macroeconomic growth with positives effects to the industry, concluded Carlos Pascual, Senior Vice-President for Global Energy at S&P Global Commodity Insights, who was interviewed by Clarissa Lins (founding partner of “Consultoria Catavento”), this Monday (9/26), during the first CEO Luncheon from Rio Oil & Gas.

Pascual evaluates the Ukraine war has changed the whole international perspective for the energy sector. According to the Executive’s view, this is a short-term event that will still result in the volatility of Brent and natural gas prices, especially now, in the beginning of the European winter.

Another challenge, he says, is the Chinese demand of oil and gas, which might increase due to the country’s macroeconomic recovery, even though there are still some relevant cities in lockdown. “This is a moment when we check global sanctions with Russia, search for new suppliers and structure a new segment of O&G and energy”, he added.

According to Pascual, the oil and gas sector will still be globally regarding initiatives involving decarbonization and reduction of greenhouse gas emissions. The executive defends that today’s innovations must be part of the sectorial discussion table. They must be present in the sectorial agenda of global leaderships, with incentive for research and development. “This action will bring a broad perspective, so we can follow as a dynamic and resilient sector to the short-term structural changes that might occur in the world now”, he concluded.

Rio Oil & Gas 2022 goes up until Thursday and is sponsored by Petrobras, Ambipar Response, Equinor, Shell, TotalEnergies, Vibra, Ipiranga, Raízen, BP, Bunker One, Chevron, ExxonMobil, Karoon Energy, Modec, Galp, PETRONAS, Repsol Sinopec, 3R Petroleum, Acelen, Siemens Energy, Trident Energy, Braskem, Enauta, Halliburton, McDermott, NTS, PECOM, PRIO, Salesforce, Saipem, Subsea 7, AET, Baker Hughes, DOW, Fluxys, Oracle, Perbras, Solvay, TAG, TBG, Techint, Vallourec, Wintershall Dea, Horizon-Partners, Ultracargo, Weatherford and WTW.