Petrobras’ pre-salt focus pays off

Brazilian NOC’s commitment to the offshore province and portfolio overhaul is helping offset unstable commodity prices

Brazilian state-owned oil and gas company Petrobras is benefiting from its strategy of divesting non-core assets and prioritising crude production from the pre-salt region. The firm posted strong full-year financial results for 2019 despite global market volatility and the average price of the crude oil it sells falling 8.1pc year-on-year. Petrobras’ focus on improving ‘value generation’ across its portfolio helped lift net income to $10.2bn last year—a 41.5pc increase over 2018. Divestment of assets—which includes biofuel-focused distributor BR Distribuidora, the domestic TAG gas pipeline, mature offshore Brazilian fields, distribution assets in Paraguay and in the US a Pasadena refinery—g

Welcome to the PE Media Network

In 2021 Petroleum Economist is joined by Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry