Brazil considering proposals to open operatorship of pre-salt projects

Tuesday, May 27th 2014 - 11:01 UTC

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Brazil's government is considering proposals to open operatorship of its pre-salt projects to companies other than state-run Petrobras and this change might be made, Mayer Brown partner Alexandre R. Chequer told the law's firm's annual energy conference in Houston last week. Read full article

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yankeeboy
Taking their playbook from Venezuela wasn't a very good idea. My guess is she is too stupid to really open it up and will do something foolish like having to have most equipment made in Brazil or something equally as stifling.
May 27th, 2014 - 01:47 pm - Link - Report abuse 0
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Tik Tok
This is tantamount to admitting that the industry is going nowhere fast, i.e. their own company which they hold majority in namely Petrobras is faltering i.e their populist policy and socialism is killing the golden goose that exists off shore
May 27th, 2014 - 04:49 pm - Link - Report abuse 0
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falklandlad
Perhaps all of this bodes well for the Falklands emerging new activities; continental shelf as well as deepwater options. Who knows that at some future point there may be same operators operating offshroe Brazil and the Falklands.
May 27th, 2014 - 05:05 pm - Link - Report abuse 0
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ChrisR
The lure of being able to “do it all” themselves is just too much for the Presidents of SA.

It seems to me that once they get to be president, they start believing that only THEY can make the decisions: “No Money Pepe” making a unilateral decision to increase the price of all fuels by 10% is a classic example. Now he wants to prioritise the raging inflation this and other stupid things he has done (giving money to the “poor” instead of providing jobs is another) has caused. Gate closed after the horse has gone, etc.

Dilma is way beyond her ability with Petrobras, she demonstrated that BEFORE she was president by screwing up big-time and then blaming her subordinates.. The only really positive move she made was to appoint the present CEO: she should leave the woman alone to do her job, stop fucking with Mr. Market by fixing the price below the commercial reality price and chill out.
May 28th, 2014 - 09:53 pm - Link - Report abuse 0
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Jack Bauer
@1,2,3,4 - All the above is correct. But the serious problems really started in 2007, when the Federal Government, through a disgusting accounting gimmick, in which absolutely not one cent exchanged hands, wangled things to become majority shareholder once again. After the company was privatized (late 90's I believe), it was doing well, it's shares on the stock market soared to US$ 486 billion....after 2007, when the PT backed government took control, put one of their cronies in as CEO, and started using the company politically, it went to the dogs....it's shares on the stock market today are worth less than US$ 100 billion, which translates into shareholders losing 70% of their investment, but what is more incredible is that , while all well managed oil companies around the world are making hefty profits, Petrobrás is losing money...It was obvious right from the start that the Federal Government, as major shareholder, would not be able to invest what is needed in order to get the pre-salt booming....now they've had to admit it. Better late than never....bunch of retarded f*ck-ups !
May 29th, 2014 - 09:22 pm - Link - Report abuse 0
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