Brazil's floating future
The resignation of Petrobras’ boss comes just as it begins to reap the benefits of his reform programme
The abrupt departure in early June of Petrobras' chief executive Pedro Parente wasn't what Brazil's oil and gas industry needed. He stepped down in the wake of the nationwide truckers' strike over an arbitrary petrol price increase. Not only has Petrobras just posted its best financial results in five years, with profits of $1.84bn in Q1 2018, but the level of offshore activity has also been on the rise. This is in part because of the ex-chief executive's reforms that have brought in competing operators. It was also under Parente, in April, that Petrobras signed a global strategic alliance with BP, an unlikely arrangement in the pre-reform days. Rig brokerage specialist Bassoe Offshore obser
Also in this section
23 May 2025
LNG projects need the certainty of long-term contracts, but Henry-Hub–linked deals put buyers at significant risk
22 May 2025
Industry says compliance is near-impossible and have called for more clarity to prevent cargoes being redirected
22 May 2025
The next energy crisis could come from the severing of the link between oil and gas prices, with potentially severe economic consequences
22 May 2025
With contract awards looming on the Kuwait-Saudi backed Dorra field, the long-stalled gas project appears finally to be gaining traction—despite Iranian objections
