0
2000
4000
6000
BP plc
Petroleos Mexicanos (PEMEX)
Equinor ASA
ConocoPhillips
Chevron Corporation
PetroChina Company Ltd
Shell plc
Exxon Mobil Corporation
TotalEnergies SE
Petroleo Brasileiro SA – Petrobras
2000
4000
6000
IEA NZE 21/22
incompatible STE
Other STE
1.5°C Incompatible Development Plans
Short-Term Expansion (STE) overshooting
IEA NZE 2021/2022 in million barrels of oil equivalent
Exploration Capital Expenditure (CapEx)
2021 – 2023 average, in USD million
How to read this graph:
61.63% of Petrobras’ planned oil & gas field developments (short-term expansion in mmboe) are
incompatible with the 1.5°C world modelled in the IEA’s 2021/2022 NZE scenario. Additionally, the company has spent
approx. USD 654 million a year on the search for new oil & gas resources (3-year avg. of exploration CapEx).