• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 3 days By Kellen McGovern Jones - "BlackRock Behind New TX-LA Offshore Wind Farm"
  • 10 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 11 days Bad news for e-cars keeps coming
  • 9 days The United States produced more crude oil than any nation, at any time.
  • 12 days RUSSIA - Turkey & India Stop Buying Russian Oil as USA Increases Crackdown on Sanctions
Oil Prices Muted After Shooting at Trump Rally

Oil Prices Muted After Shooting at Trump Rally

Oil markets remain relatively stable…

Energy Services Employment Rebounds

Energy Services Employment Rebounds

U.S. oilfield services jobs saw…

Petrobras Reports A 41.5% Decline In Q3 Profit

Brazil’s state energy giant Petrobras reported a 41.5% decline in its profits for the third quarter of the year, missing analyst estimates. At the same time, the oil giant said it expected full-year oil and gas output to be higher than previously estimated.

Petrobras reported a recurring net profit of 27.2 billion reais, lower than the expected 28.74 billion reais.

The company said it now expected to produce an average of 2.4 million barrels of oil equivalent daily this year, up from an earlier projection of 2.3 million boed.

Petrobras attributed the higher expected production rate to its strong performance in the third quarter of the year and plans to add more producing wells in the final quarter of the year.

Related to these plans, Petrobras also announced an update on its capex for the year, which the company now expects to come in at $13 billion. This would be 30% higher than its capex for 2022. At the same time, it is lower than the previously projected 2023 capex of $16 billion.

The revision resulted from lower exploration and production capex, which was revised down by $2.1 billion, “due to the challenging scenario faced by the supply market in the post-pandemic inflationary context, which influenced the capacity to supply the growing demand for critical resources for the oil and gas industry,” the company said.

Earlier this year, reports emerged that Petrobras was planning to expand internationally, after years of no major discoveries.

The company hasn’t made a large domestic discovery in more than a decade, which might make a change in its exploration policy desirable and motivate it to look to grow outside Brazil instead of focusing domestically and shrinking its foreign presence as it has done over the past decade.  

The direct reason for the possible U-turn in exploration and production strategy was the rejection of a drilling project in the Foz do Amazonas area in the so-called Equatorial Margin where the Amazon River meets the Atlantic.

Petrobras had bet big on the Equatorial Margin to replenish its reserves but Brazil’s environmental protection agency refused to grant the company a license for the offshore exploration project.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on November 10 2023 said:
    Not a good time to be in the oil business in fact a very bad time to be in the oil business. All of this War losing has consequences.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News