Q2 profits soared for Petrobras as commodity prices held strong
Petrobras’ recipe for upstream success
Fading market volatility and rising global energy demand should boost the operator’s focus on pre-salt crude growth
Brazilian state oil company Petrobras is emerging from the pandemic better positioned than many NOCs. Production and exports are climbing, margins are rebounding and divestments are helping pay down billions in debt. Even the company’s share price is ticking up, with Q2 profits just shy of $8bn. Ambitious production plans are at the centre of investor confidence. Pre-salt crude production jumped up 3pc quarter on quarter as platforms at the Atapu, Berbigao and Sururu fields ramped up to capacity. Output from the region now comprises about 70pc of Petrobras’ upstream portfolio, boasting some of the lowest lifting costs globally and most attractive crude grades. “The pace of the divestme
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
