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