Petrobras Gets Permission To Halt Production At 16 Oil Platforms

16 Jul 2016   Brazil

The Brazilian government gave permission to Petrobras to suspend production at sixteen oil platforms as the troubled state-owned firm attempts to reduce costs. As reported in The Rio Times on Friday , federal regulators at the National Petroleum, Natural Gas and Biofuel Agency (ANFP) approved the twelve-months halt in oil production in the states of Ceara, Rio Grande do Norte, Sergipe, Bahia and Espirito Santo. The suspension will also hit another fourteen concessions for the firm that posted a US$340 million loss of the first quarter of 2016 and a total debt of US$126 billion. Despite posting record oil and gas output in June , Petrobras has been battered by the low cost of oil, a domestic economy mired in recession, and involvement in a major bribery scandal that has rocked Brazil’s political establishment. Petrobras CEO Pedro Parente on Thursday said the company would continue with a divestment plan […]

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