Pre-salt buoys Petrobras
Booming crude production in the region is helping to offset financial shock caused by Covid-19
Production growth has slowed to a crawl for much of the global oil sector this year. Subdued commodity prices and persistent market volatility have incentivised producers to slash capex and focus on the profitability of existing output until better economic times return. In Latin America, Brazilian state-controlled oil firm Petrobras is a rare exception. The company’s domestic production grew by 9pc year-on-year across the first three quarters of 2020, eclipsing previous guidance. This was achieved despite the Covid-19 pandemic sinking global energy demand and Brazil suffering one of the highest mortality rates in the world. Petrobras estimates production will end 2020 at an average of 2.84m
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them