Connection

popular articles

Petronas Exploration in the South China Sea: Geopolitical and Energy Challenges
France: Record penalty of EUR 6 million against Ohm Energie for abuse of rights
Shell abandons blue hydrogen project in Norway for lack of demand
France: Bolloré announces a battery gigafactory in Alsace by 2030
Venezuela demands halt to Citgo sale

Brazil: record profits for Petrobras in 2022

Brazilian oil company Petrobras has announced a record profit of 188 billion reais in 2022, surpassing the record held by Vale in 2021. The new CEO, Jean Paul Prates, is scheduled to give his first press conference tomorrow.

Please share:

Brazilian oil company Petrobras announced Wednesday, March 2, 2023, that it has posted a record profit of 188 billion reais (about $36 billion at current exchange rates) in 2022, thanks to the global rise in oil prices. This result represents an all-time record annual profit for a Brazilian company, previously held by mining giant Vale in 2021 (129.1 billion reais).

Fourth quarter net income decline

In the fourth quarter of 2022, the state-owned oil group’s net profit amounted to 43.3 billion reais ($8.3 billion), down 6% from the previous quarter.

Payment of a dividend

The Petrobras board of directors approved on Wednesday evening the payment of a dividend of 2.74 reais per share, for a total amount of 35.8 billion reais ($6.8 billion).

Various management measures taken in recent years

Chief Financial Officer Rodrigo Araujo Alves explained in a statement that the record profit was also due to “various management measures taken in recent years.” He pointed out that the price of oil had already reached levels similar to 2022 and that Petrobras had not obtained such profits.

Petrobras was under pressure during the tenure of far-right ex-president Jair Bolsonaro (2019-2022), who changed the company’s president four times in four years due to violent disagreements over fuel pricing policy. The new left-wing head of state, Luiz Inacio Lula da Silva, has appointed one of his relatives to head Petrobras, former senator Jean Paul Prates, 54, a lawyer and economist by training.

First press conference of the new president

Jean Paul Prates is scheduled to give his first press conference as head of the oil company on Thursday afternoon. He has 30 years of experience in the oil, natural gas, biofuels and renewable energy sectors.

Pricing policy at the heart of the concerns

The group’s pricing policy is also at the heart of the new government’s concerns. The Ministry of Finance announced on Tuesday the partial reinstatement of fuel taxes that had been cancelled under the Bolsonaro government to fight inflation. To prevent the price at the pump from being too high, Petrobras announced a reduction in its tariffs in the same breath.

Register free of charge for uninterrupted access.

Publicite

Latest news

ExxonMobil appoints Matt Crocker as head of its Product Solutions division
Bulgaria launches work on “The Vertical” gas corridor
TAQA and EWEC commit to 1 GW open-cycle gas power plant in Al Dhafra
The French PPA market reaches 2 GW led by photovoltaic dominance
Octopus Energy acquires 10% stake in East Anglia One offshore wind farm from Macquarie

Recently published in

Oil prices fall over 6% due to tariffs and unexpected Opec output hike

Oil prices plummeted on Thursday, driven by new U.S. import tariffs and an unexpected decision by Opec to increase production from May.
US crude oil inventories rise by 6.2 million barrels amid export decline
Commercial crude oil inventories in the United States rose to their highest level since July 2024, driven by a drop in exports and lower refining activity.
en_1140290947540-2
US crude oil inventories rise by 6.2 million barrels amid export decline
Commercial crude oil inventories in the United States rose to their highest level since July 2024, driven by a drop in exports and lower refining activity.
en_1140290947540-2
Aramco reassesses interest in Indian refineries despite past setbacks
Saudi Aramco is considering new investments in Indian refinery projects after previous failures, as the country boosts refining capacity to meet rising domestic demand.
en_1140290943540-2
Aramco reassesses interest in Indian refineries despite past setbacks
Saudi Aramco is considering new investments in Indian refinery projects after previous failures, as the country boosts refining capacity to meet rising domestic demand.
en_1140290943540-2
Nigeria:Tinubu reshuffles NNPC leadership to revive oil production
The Nigerian president has replaced the leadership of the Nigerian National Petroleum Company amid declining output and eroding investor confidence.
en_1140290961540-2
Nigeria:Tinubu reshuffles NNPC leadership to revive oil production
The Nigerian president has replaced the leadership of the Nigerian National Petroleum Company amid declining output and eroding investor confidence.
en_1140290961540-2

Sinopec reveals 140 mn tonnes of proven shale oil reserves at Shengli

Sinopec has identified over 140 mn tonnes of proven reserves in the Jiyang Basin, marking the largest certified shale oil discovery in China.
Boaz Energy divests Texan assets to T2S Permian Acquisition in strategic restructuring
Boaz Energy II has completed the sale of its oil properties and trust units to T2S Permian Acquisition II, refocusing its operations while maintaining administrative continuity of the PermRock Royalty Trust.
en_1140290947540
Boaz Energy divests Texan assets to T2S Permian Acquisition in strategic restructuring
Boaz Energy II has completed the sale of its oil properties and trust units to T2S Permian Acquisition II, refocusing its operations while maintaining administrative continuity of the PermRock Royalty Trust.
en_1140290947540
Awilco Drilling PLC detaches a special dividend of USD 2.06 per share
Offshore oil group Awilco Drilling PLC enters ex-dividend period on 1 April, marking the detachment of a USD 2.06 per share payment, amid significant cash returns to shareholders.
en_1140290959540
Awilco Drilling PLC detaches a special dividend of USD 2.06 per share
Offshore oil group Awilco Drilling PLC enters ex-dividend period on 1 April, marking the detachment of a USD 2.06 per share payment, amid significant cash returns to shareholders.
en_1140290959540
Uganda finalizes historic agreement to build Hoima oil refinery
After several years of negotiations, Uganda officially signs an agreement to establish the Hoima oil refinery, a central project in the country's energy strategy aimed at reducing dependency on fuel imports.
en_1140290961540-17
Uganda finalizes historic agreement to build Hoima oil refinery
After several years of negotiations, Uganda officially signs an agreement to establish the Hoima oil refinery, a central project in the country's energy strategy aimed at reducing dependency on fuel imports.
en_1140290961540-17

Nigerian oil giant NNPC prepares imminent stock market debut

The Nigerian national oil company, NNPC, is finalizing the last steps toward its highly anticipated stock market listing, mobilizing investors and financial institutions for what promises to be a pivotal moment in Africa’s energy market.
Repsol seeks to maintain operations in Venezuela despite US licence revocation
Repsol’s Chief Executive said the company is exploring options with US authorities to remain active in Venezuela following Washington’s decision to end sanctions waivers.
en_1140290947540-22
Repsol seeks to maintain operations in Venezuela despite US licence revocation
Repsol’s Chief Executive said the company is exploring options with US authorities to remain active in Venezuela following Washington’s decision to end sanctions waivers.
en_1140290947540-22
CNOOC identifies 100-million-ton oilfield in the South China Sea
CNOOC Limited has announced the discovery of the Huizhou 19-6 oilfield in the eastern South China Sea, with proven reserves exceeding 100 million tonnes of oil equivalent.
en_1140290962540-10
CNOOC identifies 100-million-ton oilfield in the South China Sea
CNOOC Limited has announced the discovery of the Huizhou 19-6 oilfield in the eastern South China Sea, with proven reserves exceeding 100 million tonnes of oil equivalent.
en_1140290962540-10
PetroChina reaches new milestone in 2024 with net profit of $22.7 billion
PetroChina posts record net profit in 2024, driven by rising oil and gas volumes and expanded refining and distribution operations.
en_1140290957540-21
PetroChina reaches new milestone in 2024 with net profit of $22.7 billion
PetroChina posts record net profit in 2024, driven by rising oil and gas volumes and expanded refining and distribution operations.
en_1140290957540-21

EACOP completes initial funding round despite mounting pressure in Uganda

EACOP has confirmed the closure of an initial tranche of external financing for its 1,443 km pipeline, as several NGOs urge participating banks to withdraw from the project.
CNOOC Limited posts 11.4% rise in net profit for 2024
Chinese oil group CNOOC Limited reported higher net profit for 2024, driven by growing reserves, record production and strict cost discipline.
en_1140290954540-20
CNOOC Limited posts 11.4% rise in net profit for 2024
Chinese oil group CNOOC Limited reported higher net profit for 2024, driven by growing reserves, record production and strict cost discipline.
en_1140290954540-20
US oil inventories drop by 3.3 million barrels against expectations
The US Energy Information Administration reported an unexpected decline in crude oil inventories, reversing analysts' forecasts of an increase, with immediate effects on crude prices.
en_1140290963540-4
US oil inventories drop by 3.3 million barrels against expectations
The US Energy Information Administration reported an unexpected decline in crude oil inventories, reversing analysts' forecasts of an increase, with immediate effects on crude prices.
en_1140290963540-4
Iraq Targets Africa After U.S. Ends Waivers on Iranian Energy
Cut off from Iranian energy imports by Washington, Iraq accelerates commercial efforts in Africa while resuming oil exports through Turkey to quickly secure new economic and energy markets.
en_1140290944540-21
Iraq Targets Africa After U.S. Ends Waivers on Iranian Energy
Cut off from Iranian energy imports by Washington, Iraq accelerates commercial efforts in Africa while resuming oil exports through Turkey to quickly secure new economic and energy markets.
en_1140290944540-21

Drydocks World secures contract to upgrade Baobab MV10 offshore platform

Drydocks World has secured a contract to extend the operational life of the Baobab MV10 offshore platform in Côte d’Ivoire by 15 years through refurbishment and upgrade works.
Canada: Mark Carney Relaunches Arctic Pipelines to Capture European Market
Amid trade tensions with the United States, Canadian Prime Minister Mark Carney is reviving pipeline projects toward the Arctic to directly access European and Asian markets, diversifying Canada's oil exports.
en_1140290957540-18
Canada: Mark Carney Relaunches Arctic Pipelines to Capture European Market
Amid trade tensions with the United States, Canadian Prime Minister Mark Carney is reviving pipeline projects toward the Arctic to directly access European and Asian markets, diversifying Canada's oil exports.
en_1140290957540-18
The UK could produce 50% of its oil and gas domestically
According to Offshore Energies UK, Britain's oil and gas potential in the North Sea is limited by a tax regime that hinders investments needed to boost national production, increasing dependency on imports.
en_1140290960540-17
The UK could produce 50% of its oil and gas domestically
According to Offshore Energies UK, Britain's oil and gas potential in the North Sea is limited by a tax regime that hinders investments needed to boost national production, increasing dependency on imports.
en_1140290960540-17
Washington grants Chevron reprieve in Venezuela despite Trump’s tariff warning
US authorities have extended Chevron’s temporary licence to operate in Venezuela until 27 May, despite Donald Trump’s warnings of tariffs on imports from countries trading with Caracas.
en_1140290950540-17
Washington grants Chevron reprieve in Venezuela despite Trump’s tariff warning
US authorities have extended Chevron’s temporary licence to operate in Venezuela until 27 May, despite Donald Trump’s warnings of tariffs on imports from countries trading with Caracas.
en_1140290950540-17

Shell commits major investment in Gato do Mato oil field off Brazil

Shell Brasil approves the offshore Gato do Mato project development, targeting production of 120,000 barrels per day by 2029, further consolidating its position as Brazil’s leading foreign oil producer.
Equatorial Guinea raises fuel prices by up to 35% to ease budgetary pressure
The Equatoguinean government has announced an immediate increase in fuel prices, citing outdated tariffs and budget constraints driven by a prolonged decline in oil exports.
en_1140290950540-16
Equatorial Guinea raises fuel prices by up to 35% to ease budgetary pressure
The Equatoguinean government has announced an immediate increase in fuel prices, citing outdated tariffs and budget constraints driven by a prolonged decline in oil exports.
en_1140290950540-16
South Africa strengthens its strategy to accelerate oil and gas development
The South African government is intensifying efforts to exploit its vast oil and gas reserves to stimulate national economic growth and boost public revenue.
en_1140290948540-16
South Africa strengthens its strategy to accelerate oil and gas development
The South African government is intensifying efforts to exploit its vast oil and gas reserves to stimulate national economic growth and boost public revenue.
en_1140290948540-16
Greenpeace ordered to pay $665 million to Energy Transfer after pipeline dispute
A North Dakota jury ordered Greenpeace to pay more than $665 million to Energy Transfer, triggering international reactions denouncing an attack on freedom of expression.
en_1140290956540-16
Greenpeace ordered to pay $665 million to Energy Transfer after pipeline dispute
A North Dakota jury ordered Greenpeace to pay more than $665 million to Energy Transfer, triggering international reactions denouncing an attack on freedom of expression.
en_1140290956540-16

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS