Petrobras breathes easy
Brazilian company posts best financial results since bribery scandal
Petrobras has finally announced a positive annual result, five years after the Lava Jato corruption probe left the Brazilian state-controlled company with spiralling debts. The firm closed the year with a $25.8bn net profit, the highest figure in seven years, and a total of R$20.2bn ($5.27bn) in asset sales. Improved crude and fuel prices largely contributed towards the strong year. Oil jumped 50pc year-on-year, in reals, and fuel 32pc y-on-y. Even a slight dip in production failed to impact the company's finances-production fell to 2.63mnbl/d oe from a record 2.65mn bl/d oe the year before. Output is set to rise again this year and further boost the firm's bottom line. Four new production s
Also in this section
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy
15 April 2024
Though hampered by methane concerns, US LNG has a crucial role to play for European and Asian energy security, US economic needs and the energy transition drive
12 April 2024
Iran has announced multibillion dollar spending programmes aimed at domestic companies, inspired by recent export success