E&P

Petrobras Says End of SBM Contracts Could Cut Profit $15B

Profit at Petrobras, Brazil's state-led oil company, could be reduced by $15 billion between 2014 and 2018...

Reuters
07/07/2014 19:22
Visualizações: 1719 (0) (0) (0) (0)

Profit at Petrobras, Brazil's state-led oil company, could be reduced by $15 billion between 2014 and 2018 if it had to suspend oil platform contracts with Holland's SBM Offshore NV, the company said in a securities filing.

 

The potential reduction in profit is based on an estimate of the amount of lost oil and natural gas output and additional spending needed if Petrobras had to stop using the floating oil production platforms leased from SBM, it said in the Saturday filing.

 

The estimate was made in response to a request by Brazil's Office of the Comptroller General (CGU), Petrobras said in the filing. The CGU is the Brazilian federal-government agency responsible for the protection of public property.

 

SBM is the subject of investigations in Brazil, the Netherlands and the United States over the alleged payment of $250 million in bribes in Africa and South America, with $139 million of that allegedly paid in Brazil.

 

The Comptroller General's office opened an investigation into SBM's contracts with Petrobras in April.

 

Petrobras, formally known as Petroleo Brasileiro SA, added that the losses are hypothetical and that the Comptroller General has not recommended that contracts with SBM be suspended.

 

SBM, based in Schiedam, the Netherlands, is the world's largest leaser of floating production, storage and offloading, or FPSO, vessels. FPSOs are used to produce oil in deepwater offshore fields. The company has 15 leased FPSO and related vessels, with six operating in Brazil, according to its website.

Most Read Today
see see
Sergipe Oil & Gas 2025
Sergas Participates in Sergipe Oil & Gas 2025 with Focus...
23/07/25
Sergipe Oil & Gas 2025
Fourth Edition of Sergipe Oil & Gas Highlights State’s R...
23/07/25
RD&I
ANP Holds Workshop on Private Equity Investment Fund (FIP)
23/07/25
Campos Basin
Petrobras announces Approval of the Production Individua...
23/07/25
ADIPEC 2025
ADIPEC 2025 Technical Conferences achieve record submiss...
22/07/25
People
BCCK names Andres Martinez as business development manager
21/07/25
Fenasucro
Brazil Holds Global Leadership in Renewable Cogeneration...
21/07/25
Results
Revap Achieves Historic Records in H1 with S10 Diesel an...
21/07/25
Solar Energy
Transpetro Inaugurates Solar Plant to Supply the Belém T...
21/07/25
Company News
Strohm completes successful field trials for Petrobras
16/07/25
Natural Gas
Gasmig: 39 Years of Energy, Innovation, and Commitment t...
16/07/25
Sustainability
Foresea earns Social Seal and reports significant result...
11/07/25
Results
Oil and Gas Sector Leads Dividend Distribution in 2024 w...
10/07/25
Natural Gas
Comgás Receives 41 Proposals in Public Call for Natural ...
10/07/25
People
Lucas Mota de Lima Appointed Executive Manager of ABPIP
10/07/25
Biomethane
Presidente Prudente (SP) Begins R$12 Million Biomethane ...
10/07/25
E&P
Hitachi Energy to evaluate electrification of offshore p...
10/07/25
Digitalization
TGS and Equinor Collaborate to Drive Digital Transformat...
10/07/25
People
Julia Cruz Appointed as New Secretary of Green Economy, ...
03/07/25
Sustainability
ABB among TIME’s World’s Most Sustainable Companies
03/07/25
Biofuels
Brazil Can Lead the Decarbonization of International Tra...
03/07/25
VEJA MAIS
Newsletter TN

Contact us

We use cookies to ensure you have the best experience on our website. If you continue to use this site, we will assume that you agree with our Privacy Policy, terms of use and cookies.