New Report: The Future of Petrobras

It is difficult to imagine a future for Brazil's Petrobras that is anything less than bright. With almost 10Bboe (billion barrels of oil equivalent) in proven (1P) reserves under its ownership, the state-run giant has a robust exploration and production (E&P) plan budgeted at US$57bn that is projected to raise its oil and gas output by 15% by 2026. 

A total of 15 floating production, storage and offloading vessels  FPSOs are programmed to come online during this period, of which one has begun operations and another 11 have already been hired. 

Meanwhile, Petrobras has promising new offshore frontiers to explore, such as the equatorial margin, where geological similarities with the Guyana-Suriname basin and the West African coast have been identified.

Since enduring a turbulent period in the last decade with financial and institutional impacts related to the Car Wash (Lava Jato) corruption investigation, the firm has significantly reduced its debt and posted high quarterly profits.  

However, there are also points of concern regarding Petrobras in the short and long terms, mostly when it comes to politics and the energy transition. In this report, BNamericas takes a deep dive into the company's current situation and analyzes its business outlook. 

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