Related Articles
Forward article link
Share PDF with colleagues

Brazil tightens its grip on Petrobras

Deep-water specialist Petrobras is now further under the Brazilian government's control, after a high-cost purchase of new oil reserves

PETROBRAS's minority shareholders are set to pay dearly for their right to be part-owners of a company with some of the best access to new oil reserves outside of Opec. The principal step in the long and convoluted "capitalisation" process, aimed at propping up Petrobras's finances with new oil reserves, has concluded with the state-controlled firm paying far more than investors had hoped for the right to develop some of the country's most promising offshore, pre-salt blocks. At an average price of $8.51 a barrel, Petrobras, in the eyes of many shareholders, is paying a stiff price for new drilling rights in an area with huge potential, but also tricky technical challenges. Contrast that wi

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy