Petrobras Recovers Its Investment Capacity and There Are New Prospects for the Coming Years

Ivan Monteiro, who is the current president of Petrobras, announced that exports will increase exponentially in 2019 and countries in the Asian continent will be major partners in this endeavor

Petrobras is making another important step towards the company’s credibility, its investment power, and the prospect of new business, especially abroad. It happens that the current president of the state-owned company, Ivan Monteiro, announced at the FGV event that oil exports will be more pronounced in 2019, as estimated production in Brazil will be between 8% and 10% higher.

Ivan Monteiro recently went on a corporate tour of the Asian continent, specifically in Beijing, Singapore, and Amsterdam, in order to close new agreements. Here is a passage from his interview:

“Petrobras has become a petroleum exporting company… and next year this export volume will increase significantly. We are in Singapore to develop the market, meet new clients, sell more, and that is how Petrobras operates abroad”, proclaimed Monteiro in the interview.

State-Owned Oil Exports

In the first half of 2018, Petrobras achieved average exports of around 462 thousand barrels daily, a slight decrease compared to the same period in 2017.

Meanwhile, oil production dropped by 5%, stemming from Petrobras’s divestment programs during this same period, particularly in the Rocador and Lapa assets, among other factors. However, with the new pre-salt production systems, a significant jump in these metrics is expected, anticipating a rise in national production to 2.3 million barrels per day (bpd).

Branching Out the Business

Petrobras, like Embraer and Vale, is operating in Singapore and maximizing its Brazilian service portfolios, consequently contributing to Brazil’s economy. Monteiro also visited Beijing to strengthen and advance partnership ties with CNPC, as it managed to secure 20% of the refining at Comperj and the Marlim Field in the Campos Basin. He further emphasizes that Petrobras has managed to recover its investment capacity and the outlook appears positive for the coming years.