Petrobras Boosts Its Profits by Focusing on Deepwater Exploration

Written by Paulo Nogueira

Published on 05/08/2019 at 01:00

Updated on 04/08/2019 at 13:07

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“We Are Gradually Eliminating Our Participation in Businesses That Have Been Bleeding Petrobras’ Cash for Several Years,” Says the President of the Oil Company.

The strategy is helping Petrobras cut costs while raising billions of dollars through asset sales. Petrobras’ exclusive focus on deepwater exploration is yielding positive results for Brazil.

With its exploration focus along the coast of Rio de Janeiro, Petrobras continues to sell assets: this year, the oil company raised US$ 8.6 billion from the sale of the TAG pipeline unit and US$ 2.3 billion by selling a majority stake in BR, the largest fuel distributor in the country.

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In a message to investors, the state-owned company’s president, Roberto Castello Branco, wrote:

“WE ARE GRADUALLY ELIMINATING OUR PARTICIPATION IN BUSINESSES THAT HAVE BEEN BLEEDING PETROBRAS’ CASH FOR SEVERAL YEARS.”

The strategy helps the oil company cut costs while raising billions of dollars through asset sales.

On Thursday, August 1st, Petrobras reported a net income of R$ 18.9 billion in the second quarter of this year.

The result from Petrobras represented an increase of 87% compared to the same period in 2018.

Castello Branco stated that the company will initiate the sale process of four additional refineries next month, adding to the four already for sale. Meanwhile, the oil company has reduced its investment target for the year from US$ 16 billion to a range between US$ 10 billion and US$ 11 billion.

Lower production costs are occurring at a time when Petrobras’ divestment program is making it more challenging for the state-owned company to meet growth targets, as the company has been selling producing fields.

With Petrobras committed to more asset sales, meeting the targets will depend on the ability to contain the decline rates in the mature fields of the Campos Basin.

Petrobras Boosts Its Profits by Focusing on Deepwater Exploration

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Petrobras Boosts Its Profits by Focusing on Deepwater Exploration

“We Are Gradually Eliminating Our Participation in Businesses That Have Been Bleeding Petrobras’ Cash for Several Years,” Says the President of the Oil Company.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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