By Brazil Stock Guide – Petrobras (B3: PETR4; NYSE: PBR) has approved a new voluntary severance program (PDV) for employees who retired under Brazil’s social security system before the 2019 pension reform. The initiative is part of the state-controlled oil producer’s workforce management strategy, aiming to renew staff while preserving operational expertise.
The potential target group includes around 1,100 employees, with departures expected to occur gradually during 2026. Petrobras said the financial impact will be recognized progressively as employees join the program.
The plan was approved following internal governance procedures and is aligned with the company’s Strategic and Business Plan, which emphasizes efficiency, cost discipline, and the transfer of critical know-how. According to Petrobras, the PDV offers retirees a “career transition opportunity” while ensuring operational continuity and safety.
In recent years, Petrobras has launched similar programs to adapt its workforce to a new investment cycle focused on upstream, refining, and the energy transition — part of broader efforts to maintain productivity and strengthen margins.
Petrobras currently employs about 49,000 direct workers, a figure that excludes its large network of outsourced contractors who support operations across refineries, offshore platforms, and logistics units. The company’s workforce is smaller than that of Shell, with roughly 90,000 employees, and ExxonMobil, at about 61,000. Among state-controlled peers, Saudi Aramco reports around 75,000 direct staff, while PetroChina remains in a league of its own with more than 370,000.