Petrobras on Organizational Adjustment

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(Petrobras, 6.Apr.2023) — Petrobras announces that its Executive Board, in a meeting held today, approved an organizational adjustment proposal to be submitted to the Board of Directors as part of a continuous improvement process.

The proposal has three objectives: (i) prepare the company for the energy transition with the creation of an Executive Office focused on the topic; (ii) bring together the engineering, technology and innovation activities, strengthening the project development area with the research and development efforts; and (iii) concentrate corporate activities in an area focused on the company’s management, strengthening synergies among the processes.

 The approved proposal creates the Energy Transition and Renewable Energy Executive Office. Petrobras CEO Jean Paul Prates nominates Mr. Maurício Tolmasquim for the new Executive Office, which will coordinate decarbonization, climate change, new technologies and sustainability activities and will incorporate natural gas commercial activities.

The current Production Development Executive Office, occupied by Carlos José do Nascimento Travassos, will be renamed Engineering, Technology and Innovation Executive Office, and will incorporate the Leopoldo A. Miguez de Mello Research and Development Center (Cenpes).

The current Refining, Gas and Energy Executive Office, occupied by William França da Silva, will be renamed Industrial Processes and Products Executive Office, including oil products, and gas and biocomponents products.

The current Logistics and Trading Executive Office occupied by Claudio Romeo Schlosser, is now called Logistics, Trading, and Markets Executive Office.

The Institutional Relations and Sustainability Executive Office will be extinguished. The Chief Officer Clarice Coppetti will be appointed to the new Corporate Management Executive Office, which will manage the internal processes of people management, health, environment and safety (HSE) and shared services – and will incorporate the digital transformation and information technology structure. Carlos Augusto Barreto will remain responsible for the Digital Transformation area, which will be linked to the Corporate Management Executive Office. The executive managements of communication and brands, social responsibility and external relations will be directly linked to the CEO.

The Financial and Investor Relations Executive Office, held by Sergio Caetano Leite, is now responsible for the Portfolio Management area.

The Exploration and Production and Governance and Compliance Executive Offices are maintained.

The present organizational adjustment does not change the current number of Executive Offices and does not generate an increase in costs for the company.

The proposal will follow the company’s governance procedures and is subject to approval by the Board of Directors.


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