Major Oil Companies Dive Into Brazil’s Renewable Energy Sector

RIO DE JANEIRO—Brazil’s abundant presalt oil and gas resources along with post-salt and onshore assets have attracted international oil companies. But the South American country is offering companies a chance to invest in renewable energy.

The opportunity comes as some companies diversify, adding cleaner energy sources such as solar and wind to their portfolios. BP, Shell and Total, for example, have expanded their portfolios to include renewables. Several oil and gas majors are investing in R&D for technologies such as carbon capture, utilization and storage, which will help meet emission reduction targets. And companies are eyeing Brazil for renewable energy investment.