Trying to right the Petrobras ship

Brazil's oil major is on the course of recovery, but has a long way to go

The one-two punch of the multi-billion dollar Lavo Jato (Carwash) corruption scandal followed by a collapse in the oil price was punishing for Petrobras, leaving the company's reputation and balance sheet in tatters. The task of putting it all back together and delivering its promise of world-beating production growth has fallen to new chief executive Pedro Parente. It's a monumental ask, but the company might have put the worst behind it. Start with the upstream business, where the company's fortunes ultimately lie. After years of disappointingly stalled output, Petrobras is at last starting to reap the gains from years of heavy investment in its pre-salt oilfields. Three new floating, prod