Petrobras books smaller profit as output declines

first_imgHit by lower crude oil prices, Brazilian state-owned oil and gas giant Petrobras recorded a smaller profit in the first quarter of 2019 when compared to the same period last year amid production decline due to a series of stoppages.P-74 FPSO; Source: PetrobrasThe Brazilian giant on Tuesday posted a net income of $1.125 billion for the first quarter of the year, a 49% decrease when compared to the profit of $2.196 billion in the corresponding quarter of 2018. Net income attributable to shareholders of Petrobras in 1Q 2019 was $1.07 billion compared to $2.1 billion in 1Q 2019.The company’s revenues amounted to $21.2 billion in the first quarter of 2019, an 8% decrease when compared to the revenues of $22.96 billion in 1Q 2018.According to the company, this was mainly due to decrease in domestic revenues, lower export revenues driven by lower international prices of crude oil and oil products and by lower oil product export volumes; and decreased revenues from operations abroad following the disposal of E&P assets of Petrobras America Inc., the sale of distribution companies in Paraguay and lower international prices.Exploration costs were $174 million in 1Q 2019, a 28% increase ($38 million) compared to $136 million in 1Q18, mainly due to higher exploration expenditures relative to projects without commercial feasibility ($42 million) and to increased geological and geophysical expenses ($14 million).Petrobras CEO, Roberto Castello Branco, said: “From the beginning of the year, we initiated a transformational agenda based on our five strategic pillars. Consistent with the focus on the assets in which we are natural owners, in the first four months of the year our divestments reached $11.3 billion, a record for Petrobras. The highest value transaction was the sale of 90% of TAG for US$ 8.6 billion. In the near future it is our firm intention to sell the residual holdings of 10% in TAG and NTS.”Petrobras Crude oil, NGL and Natural Gas production in Brazil in 1Q 2019 decreased by 5% to 2,460 mbpd from 2,582 mbpd in the same period last year.The company explained that the oil, NGL and natural gas production decreased mainly due to the sale of 25% in Roncador field and the reduction of Petrobras’ participation in fields in the US, associated with the higher concentration of maintenance in platforms in the first quarter of 2019 and the natural decline in production.The decrease in production was partially offset by the start-up of seven new systems in the last 12 months, which are still in the process of commissioning and interconnecting new wells: P-74, P-75, P- 76 and P-77, in Búzios field; FPSO Campos dos Goytacazes, in Tartaruga Verde field, P-69, in the extreme south of Lula; and P-67, in the northern area of Lula.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.last_img read more

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Senators Langat, Lelegwe arrested as DCI seeks to arrest Malala

first_imgSenator Langat, speaking from a window of his Nyayo Estate home in Nairobi before his arrest in a video shared on social media, claimed he was being threatened and intimidated “from all corners” over his stand on the government-backed revenue allocation formula.Also Read  Govt moves to resolve land allocation dispute in East MauLelegwe, according to colleagues who spoke on the floor of the Senate on Monday, was arrested while on his way to the House and taken to Samburu for questioning.Also Read  SRC moves to address pay disparities  Elsewhere, in Kakamega Senator Cleophas Malala in an address to the press through his window said that he would not be intimidated to change his stand on the 3rd Generation Revenue Sharing Bill.Malala says who has locked himself in his house and defied the DCI officers call to get out of his house says the move to arrest him without giving a reason is meant to intimidate him.Malala says over 20 armed officers came knocking his house at 3 am but they declined to introduce themselves.Also Read  Relief for families as MOH revises Covid-19 burial protocolsThe Senator says he knew something was amiss as his security was immediately recalled.The Senator further says the officers disconnected electricity and water at his private residence.Senators on Monday demanded the release of their colleagues before they continue with the debate on the divisive county revenue sharing formula.The senators demanded the special sitting adjourned until the three senators were present in the chamber.The Speaker Kenneth Lusaka headed to their calls to adjourn and did so as he also asked the Security Committee to convene a meeting bringing together concerned parties and report back on the whereabouts of the three senators to the house at 2:30 pm. Nairobi Senator Johnson Sakaja during the Monday morning debate seeking adjournment of the Senate without notice said that Senator Langat had been arrested at his house in Nyayo Estate, Embakasi.“I am only informing the house so that we cannot have a case of Langat disappearing.” Officers from the Director of Criminal Investigations (DCI) are said to have camped outside his home Sunday seeking his arrest.Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 20153center_img Bomet Senator Christopher Langat and his Samburu counterpart Steve Ltumbesi Lelegwe were Monday arrested by officers from the Directorate of Criminal Investigations (DCI) after a dramatic stakeout at their homes.Senator Langat was arrested a few minutes before 11.30 am on Monday morning at his house in Nyayo Estate, Embakasi.Senator Langat after his surrender was taken to Embakasi Police Station where he is presently being questioned in the presence of his lawyer, LSK President Nelson Havi.last_img read more

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