Brazil’s state-controlled oil company, Petrobras, plans to continue selling off its least profitable oil fields in 2022 and stick to market-friendly policies even as the country heads into an election year, with candidates debating its independence.
Petrobras is focusing on selling legacy oil fields onshore and in shallow waters where costs per barrel are higher than in ultra-deep waters, Chief Financial Officer Rodrigo Araujo Alves said Tuesday in an interview on Bloomberg. The company also plans to continue selling off refineries, a process that has made the domestic fuel market more competitive. “Upstream assets are not so affected” by the elections, says Araujo. “We expect to deliver on signings and closings in 2022.”