Brazil’s reality check
Petrobras’ new chief executive, Maria das Graças Foster, has already made her mark at the Brazilian company. The former chemical engineer has said Brazil can become a leading oil producer, but must temper its expectations, saying targets need to be ‘realistic and practical’. Justin Jacobs reports
The heady days at Petrobras when Brazil's former president
Luiz Inacio Lula da Silva hailed the company's pre-salt oil
discoveries as a "gift from god" and its former chief executive
Jose Sergio Gabrielli travelled the world touting an
ever-brighter future for Brazil's oil future are over. Brazil's
oil ambitions received a much-needed reality check this month.
State-run Petrobras has said that developing the billions of
barrels of oil off the country's coast is going to take longer
and cost more than it has previously predicted. Maria das
Graças Foster, Petrobras' new chief executive, took her
first five-year business plan on the road in June in a bid to
bridge the company's growing credibility gap. Petrobras has a
well-deserved reputation as a deep-water technological and
operational leader. But confidence in the company's ability to
deliver on its production and spending targets has eroded, as
observers believe the firm has consistently
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