Petrobras keeps cutting
The Brazilian company will need to maintain momentum to meet its ambitious divestment objectives
Brazil's state-controlled Petrobras, still reeling from the Lava Jato corruption scandal and its monumental debt obligations, is banking on offloading subsidiaries and assets to restore its fortunes. The firm will pursue a 2023 divestment target of $26.9bn, focusing on its untapped deep-water pre-salt reserves and returning the company to financial health. Freeing its asset portfolio of low-performing onshore and shallow-water fields is the upstream priority in the near term. Last year, the national petroleum, natural gas and biofuels agency (ANP) gave the company a mid-2019 deadline to decide which of 254 fields to invest in or relinquish. Petrobras has been granted carte blanche by the Bol
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
