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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
