Petrobras, the state-owned oil and gas company of Brazil, has set its sights on acquiring oil assets as part of its strategic plans. After a period of divestments, the company is now exploring opportunities to bolster its portfolio through asset purchases.
This move reflects Petrobras’ changing direction and renewed focus on expansion and growth in the oil sector. With its vast expertise and resources, Petrobras aims to strengthen its position in the industry by acquiring valuable oil assets that align with its long-term goals.
Brazil’s national oil and gas company, Petrobras, is shifting its focus from divestments to potential asset acquisitions, according to CFO Sergio Caetano Leite. With reduced debt and improved cash flow, the company is primed for acquisitions.
Petrobras reported its lowest gross debt since 2010, standing at $53.3 billion in Q1 2023. Leite emphasized that additional investments will not increase the company’s debt. The first quarter showcased strong performance, with a record-breaking production of 2.13 million barrels of oil equivalent per day from the pre-salt area. Petrobras plans to start multiple production platforms by 2027 and explore business opportunities both domestically and internationally.
While emphasizing clean energy investments, oil production remains a top priority for the company. Recent denials of drilling projects in Brazil have prompted Petrobras to consider expanding its reserves and production overseas.
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