• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Petrobras eyes global expansion as Brazil hopes fade, sources say
Business

Petrobras eyes global expansion as Brazil hopes fade, sources say

June 2, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

[1/3] A worker walks inside the Brazil’s Petrobras P-66 oil rig in the offshore Santos basin in Rio de Janeiro, Brazil September 5, 2018. Picture taken September 5. REUTERS/Pilar Olivares/

RIO DE JANEIRO, June 1 (Reuters) – Brazil’s Petrobras may look abroad for future growth, two sources with knowledge of the state-run firm’s plans told Reuters, after environmental regulators dashed its hopes of exploring near the Amazon River where it had aimed to make its first major domestic oil discovery in over a decade.

Petroleo Brasileiro (PETR4.SA), as the company is formally known, has spent years reducing its international footprint to focus on deepwater assets in Brazil’s vaunted pre-salt areas, so its impulse to explore foreign opportunities is an about-face.

President Luiz Inacio Lula da Silva, during his last mandate in 2008, compared the first major oil discoveries pre-salt fields far off Brazil’s coastline to a winning lottery ticket. But exploration rights auctioned in areas off the southeast coast in the past decade have not lived up to the hype.

Petrobras is struggling to replenish proven domestic reserves of 8.9 billion barrels, and increasingly reliant on pre-salt oil stocks that could peak by the end of this decade.

The government’s Energy Research Office predicts current Brazilian production of 3.1 million barrels of oil per day (bpd) will begin to fall after peaking at 5.4 million bpd in 2029.

Petrobras’ main bet on replenishing its reserves had been the Equatorial Margin, some 2,200 km of deepwater and ultra-deepwater assets along Brazil’s northern and northeastern coast. The most promising patch is believed to be in the Foz de Amazonas, where the world’s largest river meets the Atlantic Ocean. Exxon Mobil has made major new discoveries not far away in neighboring Guyana.

See also  Oil settles up, rebounds from lows after European storage report

Brazilian environmental protection agency Ibama last month rejected a Petrobras request to drill a deepwater well in the region, citing potential environmental risks.

The two sources said Petrobras was unprepared for Ibama’s decision, which it is appealing.

According to one of the sources, the Equatorial Margin has been the company’s “Plan A, B, and C” for restocking reserves. But if those efforts fail, Petrobras will have to look abroad for future opportunities, said the two sources who asked for anonymity to discuss sensitive information.

“With all this discussion and with all the exposure that Petrobras has been facing on the Equatorial Margin, it’s most likely that there will be a strategy to leverage the international portfolio,” one of the sources said. Petrobras never stopped looking at opportunities abroad, the source added, but it is now time “to look more closely.”

Potential foreign offshore targets include Guyana and Suriname, which share a similar underwater geology to the Equatorial Margin, Petrobras Chief Executive Jean Paul Prates recently told newspaper O Estado de S. Paulo.

“Perhaps, if it’s impossible to drill (in the Foz de Amazonas), we can test something in Guyana and Suriname,” he said. “For now, it’s just an idea, an internal conversation.”

In March, Reuters reported that Petrobras was among at least 10 companies including Shell and Chevron to consider bidding on a Guyana oil auction, now scheduled for July. Prates said in the interview that Petrobras had now paid a participation fee for the widely anticipated Guyana auction.

Over coming years, Lula wants Petrobras to pivot to producing more renewable energy. Such projects could also add scope for foreign expansion, said Mauricio Tolmasquim, Petrobras’ chief energy transition and sustainability officer.

See also  Tesla Sales Drop Brings BYD Closest Ever to Global EV Crown

For example, he said Petrobras could look to partner with other companies on foreign offshore wind farm projects to gain experience in a sector for which Brazil currently has no legal framework. However, he stressed that the company will likely need to ramp up petroleum production to pay for its green pivot.

Petrobras has exploratory projects in Colombia, Argentina and Bolivia, but most of its planned investments are in Brazil.

It plans to drill two new wells in 2024 in Colombia, where last year it announced the country’s largest ever natural gas discovery. Petrobras also expects to keep exploring in Bolivia and Argentina, one of the sources said.

Reporting by Marta Nogueira
Editing by Gabriel Stargardter and David Gregorio

: .

Brazil expansion eyes Fade Global Hopes Petrobras sources
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

The Biden Admin Is About To Make Childcare Way More Expensive For Thousands Of Families

December 7, 2023

China’s Singles Day sales festival wraps up with e-commerce giants reporting sales growth

November 12, 2023

US Public Pensions Have Invested Tens Of Billions In China’s Stagnating Economy

December 27, 2023

Republicans reject own funding bill, US government shutdown imminent

September 30, 2023
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

LGBTQ Mega-Producer Ryan Murphy Set to Leave Netflix for Disney

June 22, 2023

Insider provides timeline for Dolphins CB’s return

July 28, 2023

A.I. ‘Risks Undermining the Fabric of Our Society’, Says Top Spy

May 8, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.