Brazilian president Jair Bolsonaro
Bolsonaro turns up heat on Petrobras
Threat of subsidies and political interference grows as under-pressure president refuses to accept rising domestic fuel prices
Management at Brazilian state oil and gas firm Petrobras has been a revolving door under President Jair Bolsonaro. The NOC has had four CEOs in the nearly three-and-a-half years since the president took office, and the dysfunctional relationship shows little sign of improving. Caio Paes de Andrade—a former economy minister official who, once again, has zero oil and gas experience—is the latest to take the top job as Bolsonaro tries to wrest control of the company. For months, Brazil’s president has raged at the NOC’s fuel-pricing policy, which, combined with rising inflation, has seen him drop behind former president Lula da Silva in the polls ahead of October’s general election. Focusing on
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
