Joa_Souza/iStock Unreleased via Getty Images

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Petrobras (NYSE:PBR ) +1.9% in Friday's trading as CEO Jean Paul Prates told Bloomberg in an interview that the company should keep increasing fossil fuel production for decades to come.

In comments that may ease concerns among some investors that Brazil's new administration would prioritize non-core investment projects over oil and gas, Prates said oil output will remain the company's top priority while investment in wind and other renewable energy will be modest in comparison.

Prates said Petrobras (PBR) - which paid a record dividend last year - should strike "more balance" between sending cash to shareholders and investment.

Brazil's fossil fuel production is poised to reach a record 3.4M bbl/day this year and keep growing until 2030; the country would then need new discoveries to maintain and grow output.

The CEO said Petrobras (PBR) must exploit existing finds in the pre-salt areas and find fresh ones, while also opening new basins in other parts of Brazil, including the region in the far north of the country near Guyana, where Exxon has found billions of barrels.

Gen4 Art Brazil President Luiz Inacio Lula da Silva said earlier this week that Petrobras (PBR) should suspend its planned asset sales.