1. Home
  2. / Oil and Gas
  3. / Petrobras is being sued and could lose billions after a decision that could lead to mass layoffs
Address ES reading time 4 min read Comments 25 comments

Petrobras is being sued and could lose billions after a decision that could lead to mass layoffs

Written by Alisson Ficher
Published 19/01/2025 às 17:43
Updated 20/01/2025 às 12:08
Crisis between Petrobras and Seacrest threatens almost a thousand jobs and involves billion-dollar contracts. Find out how the region could be impacted.
Crisis between Petrobras and Seacrest threatens almost a thousand jobs and involves billion-dollar contracts. Find out how the region could be impacted.

Petrobras is facing a billion-dollar legal dispute with Seacrest, which is under the control of creditors after a financial collapse. Around 900 jobs are under threat in northern Espírito Santo. Despite the scenario, experts see potential for recovery with new investors. Understand the economic and social impacts of this crisis.

A crisis of alarming proportions involves one of the largest companies in Brazil and casts a shadow over thousands of families.

A recent court ruling not only puts billions of dollars at risk, but also shakes the future of almost a thousand workers, already affected by layoffs and uncertainty.

What appears to be a simple process between two large companies goes far beyond the financial sphere, reflecting on the daily lives of entire communities.

At the center of this impasse is Petrobras, which is facing legal action brought by the Norwegian oil company Seacrest Petróleo.

The dispute involves million-dollar contracts related to the sale of the Polo Norte Capixaba and Polo Cricaré, located in the north of Espírito Santo. As reported, Seacrest claims breach of contract and seeks compensation in court.

According to information from the oil company, Petrobras allegedly failed to comply with a series of clauses, including the maintenance of underwater pipelines.

Billion-dollar dispute and crisis at Seacrest

According to a report by Tribunaonline, Seacrest's situation has worsened in recent months.

The company, which had acquired a large part of Petrobras' operations in the region for approximately US$700 million, entered a financial collapse.

In this month of January 2025, according to the Valo Economic newspaper, creditors took control of the company's shares, claiming debts of US$ 300 million, equivalent to R$ 1,8 billion.

This amount was contracted in 2023 to finance the purchase of the Norte Capixaba fields.

According to a statement issued by Seacrest on the Oslo Stock Exchange, where it is listed, creditors did not give prior notice before executing the collateral on the shares of a subsidiary.

They also failed to discuss the situation with company management, resulting in an abrupt takeover.

The crisis led to the resignation of José Cotello, then president of the company, and the appointment of new executives by creditors.

Impacts on employment and the local economy

Seacrest's turmoil had a direct impact on the job market. Between October and December 2024, more than 400 workers lost their jobs, according to the director of the Espírito Santo Oil Workers Union (Sindipetro-ES), Reinaldo Alves.

The situation is even more worrying, with around 900 jobs at imminent risk due to the company's instability.

Alves highlighted that salary delays and difficulties in paying severance pay generated protests from workers.

“There was a big reduction in the transportation area, maintenance and probes in the terrestrial fields,” he said.

According to him, the crisis also affected trade and the local economy, increasing the impacts on the community in northern Espírito Santo.

Despite the challenging scenario, industry experts maintain an optimistic outlook. Rafaele Ce, vice president of RedePetroES, believes in the continuity of operations.

“Ceasing activities is not a smart move. The assets are profitable, and there are investors interested in maintaining the hubs,” he explained.

Legal action and Petrobras' position

The legal dispute between Seacrest and Petrobras intensified in late 2024.

On January 8, the Court suspended the payment of US$70,5 million to Petrobras and prevented the state-owned company from including Seacrest in default records.

The court also blocked measures that could constitute a “default” on the part of the Norwegian oil company.

Petrobras, in turn, reported that it is adopting all applicable legal and contractual measures to defend its interests.

In a statement, the state-owned company denied the allegations of breach of contract and guaranteed that repairs to the underwater pipelines are being carried out in accordance with the agreement.

Future investments at risk

Before the collapse, Seacrest had announced significant investments in the region. By 2023, the company had promised to invest $400 million over five years to expand oil production.

The goal was to triple daily production, going from 10 to 30 barrels per day.

Those plans now face uncertainty, with the company's controlling interest in the hands of creditors.

According to business consultant Durval Freitas, despite Seacrest's poor management, the fields in northern Espírito Santo remain attractive.

“Some investor will take over and reverse the situation. These assets have high profitability potential,” said Freitas.

The future of operations

Experts and entities in the sector are closely monitoring the development of the crisis.

Although Petrobras is confident in the judicial resolution, the uncertainty about the future of Seacrest worries workers, suppliers and communities.

It is possible that new investors will take over the fields, bringing relief to the region. However, until a definitive solution is reached, the climate of apprehension persists.

Do you believe that new investors will be able to recover the fields in northern Espírito Santo and save the jobs at risk? Comment below!

  • Reaction
  • Reaction
  • Reaction
  • Reaction
  • Reaction
14 people reacted to this.
React to article
Registration
Notify
guest
25 Comments
Older
Last Most voted
Feedbacks
View all comments
Lopez ad
Lopez ad
20/01/2025 03:05

It seems like a very poorly told lie!!! Full of dubious interests.

Lopez ad
Lopez ad
20/01/2025 03:17

How can the directors sell rights so cheaply to foreign companies??? Something has to be investigated. What happened to the pipelines? And why hire other foreign companies if Petrobras is doing the difficult work of extraction????

Wellington
Wellington
20/01/2025 05:52

Old Bozomignon is still fake!

Jornaleco is a fabric of lies that attacks state-owned companies in the name of market vultures

Alisson Ficher

Journalist graduated in 2017 and working in the field since 2015, with six years of experience in print magazines, stints on broadcast TV channels and over 12 online publications. Specialist in politics, jobs, economics, courses, among other topics. Professional registration: 0087134/SP. If you have any questions, want to report an error or suggest a topic on the topics covered on the site, please contact us by email: alisson.hficher@outlook.com. We do not accept resumes!

Share across apps
0
We would love your opinion on this subject, comment!x