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
21 August 2025
The administration has once more reduced its short-term gas price forecasts, but the expectation remains the market will tighten over the coming year, on the back of
19 August 2025
ExxonMobil’s MOU with SOCAR, unveiled in Washington alongside the peace agreement with Armenia, highlights how the Karabakh net-zero zone is part of a wider strategic realignment
19 August 2025
OPEC and the IEA have very different views on where the oil market is headed, leaving analysts wondering which way to jump
15 August 2025
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher
