A more sustainable world fuelled by cleaner energy sources will not come overnight, meaning oil and gas will remain crucial for providing the energy society needs for longer than some may hope, viewers of Upstream's digital conference on Brazil were told last week.

“Let’s try to be realistic. Solar and wind combined only account for 3.5% of the energy mix today. Even with tremendous growth going forward, there will still be need for a lot of oil and gas,” said TGS chief executive Kristian Johansen.

“The energy transition will take decades, if not generations, and in the meantime Brazil is in a great spot in terms of producing oil and having great potential.”

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DBO Energy chief executive Kjetil Solbraekke agreed that Brazil is well positioned to benefit from forthcoming exploration and production activities.

“There are so many opportunities here, and any company with offshore projects will probably have Brazil on the radar going forward,” Solbraekke said.

While state-controlled company Petrobras is exiting some renewables projects, the company is committed to decarbonising its oil production, said executive manager for exploration Mario Carminatti.

“We can start a new era of new-generation green fields. We have to try to innovate and change the way we currently do things,” he explained.

“However, I would like to emphasise we will continue to need oil and gas as an energy source in the future.”