Bitcoin mining is starting to be considered by large oil companies in the world. Petrobras, a Brazilian state-owned company that produces nearly 3 million crude barrels, is now researching the integration of bitcoin mining into its processes.
The objective of this implementation would be to develop a business model capable of implementing these operations to lower the company’s carbon emissions.
Marcelo Curi, Blockchain & Token Economy Certified Architect, who is at the helm of this process, disclosed that the company was “at the heart of a historic R&D” process that seeks to develop business/process models with this “powerful innovative framework, in favor of the value chain/networks in the transition to low carbon.”
The Petrobras group, integrated by a multi-disciplinary team, consisting of climate change researchers, oil researchers, and crypto experts, will also seek to examine the possibilities of blockchain, tokenization, and Web3.
Petrobras is not the first oil company that wants to harness bitcoin as a complementary activity with a dual purpose. Exxon Mobil, one of the largest oil and gas companies, was reported to have implemented a pilot in 2022 taking advantage of flared gas to power bitcoin miners in North Dakota. At the time, it was mulling to extend these operations to other international oil sites.
Read more: Report: Gas Giant Exxon Is Running a Gas-to-Bitcoin Mining Pilot Program in North Dakota
Tecpetrol, an Argentine oil and gas company, is also part of this trend, including bitcoin mining activities in the Vaca Muerta oil field, where taking advantage of production byproducts is unpractical or economically unfeasible.
Read more: Tecpetrol Raises Crude Oil Production Fivefold With Crypto Mining In Argentina
In addition to mitigating gas emissions, this also raises the productivity of on-site activities. While Petrobras has not indicated if implementing gas-vented powered bitcoin mining is part of this process, it could be one of the techniques studied by company executives during this exploratory process.
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