A simple ceremony, held in Rio de Janeiro, restricted to a few people due to the pandemic, marked the beginning of Joaquim Silva e Luna's mandate as Petrobras' CEO. The ceremony was attended in person by the Minister of Mines and Energy, Bento Albuquerque, the president of the Petrobras Board of Directors, Eduardo Bacellar Leal Ferreira, and the director-general of the ANP, Rodolfo Saboia.

In his inauguration speech, President Silva e Luna highlighted the main challenges of his administration: "There is no doubt that the main challenges, among many others, are: to make Petrobras increasingly stronger, working with a vision for the future, with safety, respect for the environment, for shareholders and for society in general, in order to ensure the highest possible return on the capital employed; to grow with the support of world-class oil and gas assets, in deep and ultradeep waters, relentlessly seeking low efficiency costs. And to do all of this by reconciling consumer and shareholder interests; by valuing our oil workers; by seeking to reduce volatility without disrespecting international parity; by pursuing debt reduction; by investing in research and development; and by contributing to generate predictability in national economic planning. Petrobras' Strategic Plan 2021-2025 already signals the main lines for overcoming these challenges," he said.

The president valued the company's workforce, when justifying the choice of its new directors. "Petrobras has a staff that is committed, engaged, vibrant, professional, with a sense of belonging to the company, and that is always updating, positioning itself at the forefront of knowledge. It was based on this profile, and with the broad experience they have accumulated in the company, that the four new directors were chosen." The president of Petrobras' Board of Directors, Eduardo Bacellar, also spoke about the choice. "The recognized technical capacity of those chosen for the board reinforces the meritocracy in the company."

Rodrigo Araujo Alves took office at the same ceremony as Chief Financial and Investor Relations Officer; Cláudio Rogério Linassi Mastella, Chief Commercialization and Logistics Officer; Fernando Assumpção Borges, Chief Exploration and Production Officer; and João Henrique Rittershaussen, Chief Production Development Officer. Nicolás Simone was reappointed as Digital Transformation and Innovation Executive Officer, Roberto Furian Ardenghy as Institutional Relations and Sustainability Executive Officer, and Rodrigo Costa Lima e Silva as Refining and Natural Gas Executive Officer. Director of Compliance and Compliance, Salvador Dahan, will replace Marcelo Zenkner in May.

Future

Mines and Energy Minister Bento Albuquerque mentioned the company's challenges for the future. "Facing several obstacles that have changed the behavior of people and corporations, Petrobras follows a historical trajectory of necessary and positive transformation for both the company and society, focusing its efforts on what it does best and what has made it a world reference: the exploration and production of oil and natural gas in deep and ultra-deep waters.

The minister pointed out the need for the company to continue its divestment processes. "I highlight the divestment projects that have contributed to the company to reduce its debt and increase its investment capacity in operations with greater financial return. Such measures are in line with the commitments with CADE and with the objectives of the national energy policy: to promote competition in the oil and natural gas market.

Read Joaquim Silva e Luna's inaugural speech here.