Tag: Petrobras

Petrobras set for $14bn government settlement

Petrobras set for $14bn government settlement

Brazilian oil giant Petrobras could get a $14 billion settlement from the government, following a long running dispute over the number of oil fields it has the right to develop. In 2010, Petrobras was assigned the transfer-of-rights to extract 5 billion barrels of oil and gas based on prices at […]

New Petrobras CEO will not privatise company

New Petrobras CEO will not privatise company

The newly appointed Petrobras CEO has ruled out the privatisation of the state-run company but has said he will push forward plans to sell non-core assets, with a focus on oil exploration and production. The incoming far right government, that is set to take power in January, has announced Roberto […]

Castello Branco approached for Petrobras CEO role

Castello Branco approached for Petrobras CEO role

Former board member of Brazilian state-owned Petroleo Brasileiro Roberto Castello Branco has been approached by President-elect Jair Bolsonaro for the role of the energy giant’s chief executive. Two sources with knowledge of the matter said Branco has initially turned down the prospect, following a series of meetings with Bolsonaro’s team, […]

Petrobras to boost 2019 production

Petrobras to boost 2019 production

In a bid to cut its debt, Brazil’s state-owned Petrobras will increase oil production by as much as 10% to 2.3 million barrels per day in 2019, according to the company’s chief financial officer Rafael Grisolia. The CFO said Petrobras aims to increase oil production by 8 to 10% in […]

The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. Executives at Brazil's Petrobras on Thursday sought to move on from a giant corruption scandal that has plagued the state-run oil company, outlining a back-to-basics recovery plan that left some investors hoping the worst was over. On a call with investors the day after publishing long-delayed audited results for 2014, Chief Financial Officer Ivan Monteiro said the focus was on reducing debt, selling non-core assets and continuing to increase oil production through careful investments in high-return assets.  REUTERS/Paulo Whitaker - RTX1A1LN

Brazilian government to sell off part of Electrobras

The Brazilian government has signaled it will sell a controlling stake in Electrobras. Electrobras is South America’s largest electricity generator. Following the announcement from the Brazilian government Electrobras shares rose over 46%. The company has been dogged by problems including corruption and oil theft. Electrobras has been used by the […]

Petrobras reports exponential growth in oil theft

Petrobras reports exponential growth in oil theft

Petrobras’ operational problems in Brazil are being added to by oil theft orchestrated by organised gangs. The phenomenon has been growing exponentially with one reported incident in 2014, 14 in 2015 and 73 in 2016. The scale of the problem facing Petrobras is huge – it has over 11,000 kilometres […]