• 10 mins French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 2 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 4 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 6 hours Aramco In Talks With Chinese Petrochemical Producers
  • 7 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 9 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 15 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 20 hours Keystone Pipeline Restart Still Unknown
  • 1 day UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 1 day Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
Europe’s Toxic Radiation Cloud Remains A Mystery

Europe’s Toxic Radiation Cloud Remains A Mystery

Last month’s mysterious radiation cloud…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

11,700 Petrobras Employees Sign Up To Get Fired

Offshore rig

Over 11,700 Petrobras employees signed up to get fired through the Brazilian energy firm’s voluntary dismissal program, according to a new report by Bloomberg.

The government-owned company set up the program to reduce debt and reduce operational costs by $10 billion in the coming years as global oil prices stay low.

Petrobras workers had until August 31st to sign up for the voluntary dismissal program, through which they would be eligible for severance benefits. Paying out the benefits for the 12,000 workers the company plans to let go will cost $1.23 billion, an official statement said Friday.

The firm’s stock prices rick by 4.5 percent Friday morning - the highest jump since August 11th. Petrobras’ stock prices have doubled over the course of 2016 after sinking to a 17-year low in January.

So far, the company has pulled out of major investments and stabilized fuel prices in Brazil in order to keep revenues up as the bear market for oil passes.

President Michel Temer - who replaced Dilma Rousseff after she was officially removed from office earlier this week - has vowed to limit government meddling in the affairs of the national energy company. Instead, Temer has called for liberal policies that lower industry costs and increase competition between rival firms.

Temer has also been named in a major national corruption scandal involving Petrobras’ management and a web of kickbacks and campaign donations.

A major Brazilian oil union has said the mass firings have caused a massive brain drain within the company. Experienced workers are needed to extract resources from the deep waters of the Atlantic Ocean, union leaders argue.

"The company is giving up a work force of 20,000 in only two, three years. You would need more than a decade to restore this kind of knowledge," Jose Maria Rangel, from the oil workers’ federation, told Bloomberg in an interview.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News