Petrobras’ recipe for upstream success
Fading market volatility and rising global energy demand should boost the operator’s focus on pre-salt crude growth
Brazilian state oil company Petrobras is emerging from the pandemic better positioned than many NOCs. Production and exports are climbing, margins are rebounding and divestments are helping pay down billions in debt. Even the company’s share price is ticking up, with Q2 profits just shy of $8bn. Ambitious production plans are at the centre of investor confidence. Pre-salt crude production jumped up 3pc quarter on quarter as platforms at the Atapu, Berbigao and Sururu fields ramped up to capacity. Output from the region now comprises about 70pc of Petrobras’ upstream portfolio, boasting some of the lowest lifting costs globally and most attractive crude grades. “The pace of the divestme
Also in this section
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust