Even Amid Petrobras Privatization Process, Some Norwegian Companies Decide to Invest in Brazilian Oil and Gas Market

Written by Valdemar Medeiros

Published on 08/10/2020 at 06:44

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Massive Capital Flight From Brazil – But Norwegian Companies Remain in the Oil and Gas Industry

Brazil may see a decline in foreign investment of up to 40% in the oil and gas industry in 2020; Norwegian companies are increasing their investments in the country even with Petrobras’ privatization.

It Was Very Stressful Weeks, Says Kjetil Solbrække, Former Head of Statoil in Brazil

He had just started his own oil and gas company and was buying his first oil fields when the corona pandemic hit him.

But the deal with the Brazilian state oil company Petrobras was implemented, and production from the fields in northern Brazil is already underway. The opportunities in Brazil are still great, says Solbrække.

ARTICLE CONTINUES BELOW

Petrobras Is Considered the Biggest Gateway to the Offshore Market in the World in the Oil and Gas Supplier Industry

Brazil is among the countries most affected by the corona pandemic in the world. This has led to a severe economic slowdown and a massive capital flight from the country. According to experts, there could be a decline of up to 40% in foreign direct investment in the oil and gas industry in 2020. However, the capital flight began even before the pandemic hit the country.

One of the reasons is that many investors are uncertain about where the controversial Brazilian president, Jair Bolsonaro, will lead the country. This applies, among other things, to his climate and environmental policy, which concerns international investors. Another reason for the capital flight is that authorities have drastically reduced interest rates. As a result, it is less profitable to have savings in Brazilian banks.

The Right Investment in the Oil and Gas Industry

Norwegian companies have heavily invested in Brazil. Excluding the EU and the US, this is the largest market for Norwegian investments abroad. More than a hundred Norwegian companies, including Equinor, Hydro, Aker Solutions, Statkraft, DOF, and Yara, are established in the country. Norwegian organizations state that it will not be Petrobras’ privatization that will make them abandon investments in Brazil.

Even Amid Petrobras Privatization Process, Some Norwegian Companies Decide to Invest in Brazilian Oil and Gas Market

Massive Capital Flight From Brazil – But Norwegian Companies Remain in the Oil and Gas Industry

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