Petrobras storage tanks in Brazil
Petrobras bucks the trend
The company’s pre-salt portfolio helped offset last year’s economic crisis, but investors will still be nervous about potential downstream interference
Brazilian state-controlled oil company Petrobras achieved a rare feat among its regional peers in 2020. Despite almost 12 months of depressed oil prices and cratering energy demand, the NOC posted an annual net income of $1.1bn, salvaged mainly by robust Chinese crude demand and rapidly climbing pre-salt production. Annual revenues dropped by 89pc last year. But despite heavy economic bruising caused by Brent prices plunging 35pc, mounting impairment charges, currency devaluation and a sluggish pace in divestments, the financial toll was offset by the company’s strong upstream performance. Oil and gas output increased by 2.5pc year on year, reaching a record 2.84mn bl/d oe. The figure would
Also in this section
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
