Petrobras scales down
The Brazilian producer revises down its 2021 crude production forecast but still has ambitious long-term pre-salt growth plan
Brazilian state-controlled oil firm Petrobras has been fortunate compared with many of its Latin American peers. The rapid return of Chinese crude demand in the second quarter of last year helped offset much of the financial pain that the Covid-19 pandemic inflicted throughout the global oil sector in 2020. But Petrobras’ upstream segment has not been entirely spared financial gloom. Beyond hefty impairment charges on assets and depressed prices, the Brazilian company has been forced to downgrade both its crude production forecast and capex for 2021. As part of its new five-year strategy plan, Petrobras revised its projected output to 2.72mn bl/d oe in 2021, shaving 100,000bl/d oe off its pr
Also in this section
2 April 2025
The often-hidden yet powerful hand maintains supply chain linkages and global flows amid disruptions
2 April 2025
At some point it is likely that $70/bl will be quietly accepted as the producer-consumer sweet spot for a US administration having to balance both sides of the ledger
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop
1 April 2025
Strong economic growth targets are encouraging for the country’s energy demand growth, even if meeting those goals might be a tall order
