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—ge
Also in this section
19 December 2024
Deepwater Development Conference welcomes Shell’s deepwater development manager to advisory board for March 2025 event
19 December 2024
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
18 December 2024
The December/January issue of Petroleum Economist is out now!
