Climate strategies for oil and gas production under the lens of an Integrated Assessment Model: The case of Brazil.

• First study to comprehensively address climate strategies for the O&G upstream sector in Brazil. • Decarbonization scenarios are simulated using a national Integrated Assessment Model (IAM). • O&G production can be sustained without compromising national decarbonization goals, but CO 2 and CH 4 emissions reductions must exceed simulated efforts to match industry leaders. • Ample potential to offset emissions through reforestation (∼ 500MtCO 2 /2050) and BECCS (∼ 400MtCO 2 /2050), presenting appealing business prospects for the industry. • CCS can play a vital role in advancing the decarbonization goals of both the sector and the country. Future projections of oil and gas demand suggest that some production will remain necessary. Although attention often focuses on CO 2 emissions from the combustion of their products, oil and gas production is also a relevant global emission source of both CO 2 and CH 4. Hence, understanding the carbon performance of upstream activities in producing nations is vital for distinguishing producers in a climate-pressured global market. This work explores climate strategies for the oil and gas upstream sector, using Brazil as a case study. The sector´s emissions profile is evaluated under distinct national climate scenarios. The analysis employs BLUES, a national Integrated Assessment Model (IAM), to access production volumes, mitigation measures applicable to the sector, and carbon dioxide removal potentials within the country to eventually offset the sector's remaining emissions. Results indicate sustained oil and gas production over the evaluated horizon (2020–2050) without compromising national climate goals, yet the sector's future emissions trajectory does not align with decarbonization targets pursued by more ambitious oil-producing nations and industry players. Despite sectoral mitigation measures indicated by the model, considerable emissions remain until 2050. Conversely, the country offers ample offsetting opportunities with potential synergies for the sector, especially through BECCS. Furthermore, the acceptability of offsets is discussed. [ABSTRACT FROM AUTHOR]