Petrobras management is supporting a proposal to remove its obligation to operate all oilfields in Brazil’s so-called presalt offshore area, according to two people briefed on the matter, Bloomberg said June 16.
CEO Aldemir Bendine is backing Energy Minister Eduardo Braga’s plan to give the state-controlled company the right to allow foreign drillers to lead presalt projects as Petrobras focuses on containing capital expenditures and reducing the industry’s biggest debt load, the people said, asking not to be named as the matter is private.
Management opposes a bill from Senator Jose Serra that goes further by stripping Petrobras of its right to operate fields, forcing it to bid as any other company, the people said.
Petrobras said that it must respect Brazil’s laws. “Any initiatives to review laws are a Congressional or government prerogative,” the company said in an e-mailed response.
Senators from the opposition and from the PMDB, part of the ruling coalition, say they have enough votes to approve Serra’s bill.
Neither Bendine nor Braga would speak publicly on the subject after President Dilma Rousseff defended current energy policy, the two people said. The Energy Ministry didn’t immediately respond to requests for comment.
Braga said in a recent interview in Houston that he supports allowing Petrobras to opt out of the obligation to own at least 30% of presalt projects and operate them.
Petrobras rose 2.8% to 13.35 reais at the close in Sao Paulo.
Recommended Reading
Enterprise Declares Quarterly Cash Distribution
2024-01-08 - Enterprise Products Partners’ distribution will be paid Feb. 14 to common unitholders of record by Jan. 31.
TurningPoint Energy Names Naini as President
2024-01-09 - Salar Naini, who previously served as executive vice president of business development for TurningPoint, will lead the company’s daily business operations.
Energy, Freight Analytics Firm Vortexa Raises $34 Million
2024-01-08 - The investment brings the total amount raised by Vortexa since its inception to more than $60 million.
TotalEnergies Ups Stake in Two Blocks Offshore Namibia
2024-01-10 - TotalEnergies is acquiring an additional 10.5% participating interest in Block 2913B and an additional 9.39% participating interest in Block 2912.
APA Promotes Stephen J. Riney to President
2024-01-10 - Stephen Riney joined APA in 2015 and has served as the company’s executive vice president and CFO.