Pre-salt buoys Petrobras
Booming crude production in the region is helping to offset financial shock caused by Covid-19
Production growth has slowed to a crawl for much of the global oil sector this year. Subdued commodity prices and persistent market volatility have incentivised producers to slash capex and focus on the profitability of existing output until better economic times return. In Latin America, Brazilian state-controlled oil firm Petrobras is a rare exception. The company’s domestic production grew by 9pc year-on-year across the first three quarters of 2020, eclipsing previous guidance. This was achieved despite the Covid-19 pandemic sinking global energy demand and Brazil suffering one of the highest mortality rates in the world. Petrobras estimates production will end 2020 at an average of 2.84m
Also in this section
28 May 2025
The country may have the resources, but sanctions and a lack of market access make its gas ambitions look very questionable
28 May 2025
Saudi Arabia and US relations can construct a new ‘field of dreams’, but opportunism may be the new rules of the game
28 May 2025
A shortage of options for the development of port infrastructure to service oil and gas majors is a stumbling block the country needs to overcome to fulfil its potential
27 May 2025
Country is boosting domestic energy production while targeting development of oil and gas reserves in Africa and Asia
