By Brazil Stock Guide – Brazil’s state-controlled oil producer Petrobras (NYSE:PBR) announced that it has signed a cooperation agreement with the Federal University of Bahia (UFBA), with administrative participation by the Foundation for Research and Extension Support (Fapex), to develop a pilot project for carbon capture and storage (CCS) in shallow-water marine environments. The announcement was first reported by Broadcast.
Under the deal, Petrobras will allocate $21.5 million (R$113.2 million) divided into two tranches — the first of $20.8 million and the second of $607,000 — over a period of three years (1,095 days), with the possibility of extension. The project aims to improve measurement, monitoring and verification (MMV) technologies to detect and control potential CO₂ leaks in marine CCS facilities, an essential step for scaling up carbon management in Brazil’s offshore basins.
According to Petrobras, the funding will support the acquisition of specialized equipment, laboratory upgrades and materials for research and development. “The Term of Cooperation will enable the acquisition of equipment, permanent materials and laboratory adaptations aimed at R&D projects and development of advanced methodologies for the measurement, monitoring and verification (MMV) of CO₂ leaks in CCS plants in shallow-water marine environments,” the company said in its statement to the securities regulator.
The initiative will also test new detection and quantification techniques for small CO₂ emissions, tailored to the geological characteristics of Brazil’s southeastern coastline. Petrobras explained that this will allow the creation of “robust and economically viable protocols for early detection and control of leaks,” thereby strengthening the safety and efficiency of CCS operations in the country.
Quarterly performance
In the third quarter of 2025, Petrobras produced 3.14 million barrels of oil equivalent per day (boe/d), a 7.6 percent increase from the previous quarter. Oil exports averaged 814,000 barrels per day, up 36 percent year-on-year, while total exports — including oil, gas and derivatives — reached 1.04 million boe/d, a 29 percent rise. Net profit for the quarter stood at $5.8 billion (R$32.7 billion), up 0.5 percent from a year earlier, with adjusted EBITDA at $11.3 billion (R$63.9 billion).