OTC: Petrobras has full government support, says Brazil’s Minister of Energy

Petroleo Brasilierio SA (Petrobras) still has “full and unconditional support” from the Brazilian government, said Eduardo Braga, the country’s minister of mining and energy, to an industry luncheon on May 4 at the Offshore Technology Conference in Houston.

This despite bribery charges that led to the resignation of six senior executives earlier this year and a $2.1 billion write down last month (OGJ Online, Apr. 23, 2015). Petrobras faces challenges, said Braga, but the people of Brazil are still proud of its most successful company.

The minister was more eager to discuss the potential for foreign operators and investors in his county citing the upcoming 13th oil and gas licensing round. The auction, scheduled for October of this year, will have 269 blocks in 10 different basins including the Brazil presalt.

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