Brazilian Gas Producer Parnaiba Seeks Acquisitions Amid Downturn

Parnaiba Gas Natural SA, Brazil’s biggest independent natural gas producer, is considering acquisitions and preparing to expand output in Latin America’s biggest economy.

The Rio de Janeiro-based producer spent 800 million reais ($223 million) last year to expand infrastructure and drill 30 wells in what was Brazil’s biggest drilling campaign on land, Chief Executive Officer Pedro Zinner said in an interview. This has put the company on track to nearly double output to 8.4 million cubic meters (297 million cubic feet) in July, and it is looking to expand further, he said.

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