Petrobras’ recipe for upstream success
Fading market volatility and rising global energy demand should boost the operator’s focus on pre-salt crude growth
Brazilian state oil company Petrobras is emerging from the pandemic better positioned than many NOCs. Production and exports are climbing, margins are rebounding and divestments are helping pay down billions in debt. Even the company’s share price is ticking up, with Q2 profits just shy of $8bn. Ambitious production plans are at the centre of investor confidence. Pre-salt crude production jumped up 3pc quarter on quarter as platforms at the Atapu, Berbigao and Sururu fields ramped up to capacity. Output from the region now comprises about 70pc of Petrobras’ upstream portfolio, boasting some of the lowest lifting costs globally and most attractive crude grades. “The pace of the divestme
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources