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Brazil's Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to book a first-quarter net loss of 48.5 billion... Continue Reading →
We are making ad hoc adjustments now, without losing sight of our long-term goals. The current scenario, of a sharp drop in Brent prices and a decline in demand for fuels, is causing the biggest crisis in the oil industry in the last 100 years. Due to the crisis, we are making timely adjustments to... Continue Reading →
Petrobras released their 1st quarter, 2020 Financial Results. Please read full report here: PBR 1Q2020 Performance
MESSAGE FROM THE CEO We express our solidarity with the victims of the global pandemic, at the same time as we are deeply grateful to the health professionals who have been standing out as true heroes in the war against the COVID-19 disease. The global pandemic threatens our lives and our livelihood. The main public... Continue Reading →
In Brazil, where the company's Safe Notos and Safe Eurus are on contracts with Petrobras, the Brazilian oil company in April asked Prosafe for a suspension of the contract for a period of up to 120 days "during which period all logistical services, fuel, and catering support will continue to be provided by Petrobras, and... Continue Reading →
May 13, 2020 Petróleo Brasileiro S.A. – Petrobras, regarding the press releases disclosed on March 18, 2019 and September 11, 2019, which announced the approval of Production Individualization Agreements (AIP) of the Lula, Atapu and Sépia joint reservoirs, in Rio de Janeiro, informs that it executedm Expenses and Volume Equalization Agreements (AEGV) with the respective... Continue Reading →
Petrobras has delayed the submission of binding offers for an oilfield cluster known as Polo Garoupa for the fourth time, two sources with knowledge of the matter told Reuters, as investor appetite in Brazil's offshore oil sector rapidly dries up. With annual production of 19,600 barrels of oil equivalent per day according to bidding documents... Continue Reading →
May 11, 2020 The consortium Kerui Método sent a letter to its suppliers of the works of the Natural Gas Processing Unit (NGPU) at Comperj, saying that the Coronavirus Pandemic was hindering their cash flow and compromising payments. This letter was sent at the request of Petrobras itself, by the manager responsible, who was already... Continue Reading →
May 12, 2020 PetroRio is eyeing the participation in the sale of Petrobras in the Manati field, a shallow water concession in the Camamu Basin whose teaser was published by the state-owned company last week. “We know the field well, so we are looking at the asset. There is the possibility of different projects in... Continue Reading →
May 11, 2020 The domino effect triggered by the coronavirus pandemic is affecting the players in the oil and gas sector, piece by piece. This time, who suffered the fall - and severe, by the way - was the multidisciplinary platform maintenance segment. Petrobras decided to demobilize the maintenance activities of these units and suspend... Continue Reading →
