The likely new chairman of Brazil's Petrobras

After Brazil’s mines and energy ministry (MME) announced that the chairman of national oil company Petrobras, Pietro Adamo Sampaio Mendes, was appointed head of oil and gas watchdog ANP, Bruno Moretti emerged as his likely successor. 

But the move to promote Moretti still has to be approved by President Luiz Inácio Lula da Silva and the senate.

Moretti has a degree in economics and is currently a Petrobras board member.

“This reflects a continuity of the current management. Moretti is unlikely to make any changes to the company, given that he took part in the evaluation and approval of the 2025-29 business plan and its 2050 strategic plan,” Mahatma dos Santos, technical director at petroleum think tank Ineep, told BNamericas. 

Roberto Gonzalez, a corporate governance and ESG consultant and independent adviser, agrees that the company's direction is unlikely to change. 

Mines and energy minister Alexandre Silveira “is aligned with [chief of staff] Rui Costa, who are Petrobras' two great power poles,” he told BNamericas. 

Gonzalez also mentioned that board members Vitor Saback or Renato Galuppo are also still in the race to become CEO, and Benjamin Alves Rabello Filho could be considered as a new board member.

In March, the government nominated Rabello for a board position, but he did not receive enough votes at Petrobras' general meeting.

“The 'betting market' says that he’ll take this position, as he narrowly missed out on the last Petrobras board election. He’s close to the minister of mines and energy, who would therefore maintain influence at the board with the same number of nominees,” said Gonzalez. 

The consultant recalled that Rabello was key to “calming spirits” during the extraordinary dividends crisis early this year that preceded the ousting of then-CEO Jean Paul Prates. 

Petrobras’ current board is also made up of CEO Magda Chambriard, Francisco Petros, Jerônimo Antunes, José João Abdalla Filho, Marcelo Gasparino da Silva, Rafael Ramalho Dubeux and Rosangela Buzanelli Torres. 

The ANP board is made up of agency head Rodolfo Saboia Ribeiro, whose term ends this month, as well as Symone Araújo, Daniel Maia Vieira and Fernando Moura. 

Saboia was appointed by former president Jair Bolsonaro, but with the entry of Mendes, who is an ally of Lula, the agency could be more sensitive to issues important to the government, like further opening up the gas market or reinforcing local content rules.