Petrobras: victim, payer and thermometer

The 2014 financial statements: three different numbers

What Petrobras attributed to the operation

• For the R$30.98 billion impairment on the refineries (the second train of RNEST and Comperj), the company attributed the postponement to cash-preservation measures and to the implications of Lava Jato for suppliers — and the losses, mainly, to planning deficiencies, a higher discount rate, delayed revenues and lower growth.
• In the liquidity section, it said it had decided to postpone projects affected by contractors' insolvency or a lack of qualified suppliers, “mainly” as a result of Lava Jato — against a backdrop of falling oil prices, a devalued real and no access to the capital markets.
• It tested using the difference between the fair value and the book value of the assets as a measure of the bribes and gave up: the difference was far larger than any reasonable estimate of improper payments and came from other causes.
• As of April 2015, it had not yet recovered any amount.

Amounts linked to Petrobras

Details, methods and what cannot be added: amounts dashboard.

Series: investment, oil, exchange rate and market

A drop in market value is not money taken out of the till: it is the price investors assign to the shares on a given day. It reacts to oil, the exchange rate, indebtedness, pricing policy and the general mood of the stock market — which is why the series appear side by side, without attributing the change to a single cause.

Episodes

• Refining projects halted, postponed, or canceled: RNEST-2, Comperj, and Premium I and II
• Precautionary blocking of Petrobras suppliers (December 2014) and its stated effects

Petrobras timeline

1. Mar. 15, 2013 Economy

   Petrobras releases 2013–2017 plan with US$236.7 billion in investments

   Plan budgeted at US$236.7 bn, of which US$207.1 bn in projects under implementation and US$29.6 bn under evaluation. It predates Operation Lava Jato (March 2014) and the revelations about suppliers.

   Sources (1)

   Petrobras released the 2013–2017 Business and Management Plan on March 15, 2013, with budgeted investments of US$236.7 billion (2013–2017), of which US$207.1 billion in projects under implementation and US$29.6 billion under evaluation.

   Official dataProven in a document

   Source: Petrobras — Form 20-F do exercício de 2012 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 29, 2013 · Item 5, Operating and Financial Review – Uses of funds / Capital expenditures (2013–2017 Business and Management Plan) · open original ↗

2. Feb. 25, 2014 Economy

   2014–2018 plan foresees US$220.6 billion in investments

   Budget of US$220.6 bn for 2014–2018 (US$206.8 bn under implementation or bidding; US$13.8 bn under evaluation) and US$42.4 bn for 2014.

   Sources (1)

   Petrobras announced the 2014–2018 Plan on February 25, 2014, with budgeted investments of US$220.6 billion (US$206.8 billion in projects under implementation or bidding and US$13.8 billion in the portfolio under evaluation); the 2014 budget was US$42.4 billion.

   Official dataProven in a document

   Source: Petrobras — Form 20-F do exercício de 2013 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 30, 2014 · Item 5 – Uses of funds (2014–2018 Plan) · open original ↗

3. Dec. 29, 2014 Economy

   Petrobras precautionarily blocks companies from 23 groups named in testimony about the cartel

   The Executive Board created sanction-review committees and ordered the temporary bar on contracting and on bidding of the companies of the listed groups, based on testimony from Paulo Roberto Costa, Alberto Youssef and cooperating witnesses from Toyo Setal and Setal. Inclusion is based on testimony, not on a conviction.

   Sources (2)

   On December 29, 2014, Petrobras's Executive Board created sanction analysis committees (CAASE) and ordered the precautionary blocking of companies from 23 economic groups named as participants in a cartel in testimony by Paulo Roberto Costa, Alberto Youssef, and the cooperating witnesses of Toyo Setal and Setal, to which the company had access on December 3, 2014.

   Official documentProven in a document

   Source: Petrobras — Form 6-K (comunicado de 29/12/2014): comissões CAASE e bloqueio cautelar de empresas — Petróleo Brasileiro S.A. — Petrobras (SEC), Dec. 29, 2014 · 6-K of December 30, 2014 (statement of December 29, 2014), numbered list 1–23 · open original ↗

   Petrobras's own counts vary: 23 groups in the statement of December 29, 2014; 24 groups in the 2014 20-F; 32 companies from 23 groups in 2014, plus two more companies in 2015, three with the restriction lifted and 31 still suspended, according to the 2015 20-F.

   Official documentDisputed

   Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 3 – Risk Factors (suppliers); 2014 20-F, Item 3 – Risk Factors · open original ↗

4. Feb. 24, 2015 Economy

   Petrobras loses investment grade at Moody's

   Moody's removed investment grade from all of the company's ratings on February 24, 2015; S&P (September) and Fitch (December 2015) followed. Petrobras lists, among the agencies' concerns, liquidity, negative free cash flow, the size of the debt, the fall in oil prices and the devaluation of the real.

   Sources (1)

   Petrobras lost its investment grade from Moody's on February 24, 2015, from S&P in September 2015, and from Fitch in December 2015; the agencies cited liquidity pressure, negative free cash flow, the size of the debt, and, among other factors, the devaluation of the real and the fall in oil prices.

   Official documentProven in a document

   Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Item 3 – Risk Factors (indebtedness / credit ratings); 2014 20-F, same section for Moody's · open original ↗

5. Mar. 25, 2015 Economy

   Galvão Engenharia files for judicial reorganization in Rio de Janeiro

   Galvão Engenharia and Galvão Participações filed for judicial reorganization, attributing the crisis to Petrobras's suspension of payments, to the downgrade after the executives' arrests and to the lack of credit. It stated that it had cut about 9 thousand jobs in 2015. The company denies participation in a cartel.

   Sources (1)

   Galvão Engenharia and Galvão Participações filed for judicial reorganization on March 25, 2015, in the Rio de Janeiro courts; the report does not give the total amount of debt; the company cited as causes Petrobras's suspension of payments in 2014, the downgrade of its risk rating and the end of credit after the arrests of construction company executives in November 2014, the lack of a BNDES bridge loan for the BR-153, and reported having closed the industrial engineering division and cut about 9 thousand jobs in 2015.

   Document described in a news reportSingle source

   Source: Galvão Engenharia, envolvida na Lava Jato, pede recuperação judicial — Tribuna PR, Mar. 26, 2015 · News report of March 26, 2015 · open original ↗

6. Apr. 22, 2015 Economy

   Petrobras publishes audited 2014 financial statements: write-off of R$6.194 bn, losses of R$44.636 bn and net loss of R$21.587 bn

   The 2014 financial statements, published late, report the write-off of improperly capitalized costs (recognized in 3Q14), impairment losses, largely at the RNEST-2 and Comperj refineries, and a net loss of R$21.587 bn. The company states that the losses do not stem mainly from improper payments.

   Sources (4)

   Petrobras wrote off R$6.194 billion of capitalized costs that represent amounts overpaid in the acquisition of fixed assets in previous years, because of the payment scheme revealed by Lava Jato; the write-off was recognized in 3Q14 (US$2.527 billion per the 20-F).

   Official dataProven in a document

   Source: Petrobras — Form 6-K: resultados do 4T14 e do exercício de 2014 (em reais), com nota sobre a Operação Lava Jato — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 22, 2015 · Note on the Lava Jato Operation; 2014 consolidated income statement; 2014 20-F, Item 5 (Write-Offs of Overpayments Incorrectly Capitalized) · open original ↗

   The 2014 net loss attributable to shareholders was R$21.587 billion, which Petrobras attributes to impairment losses of R$44.636 billion (domestic refineries R$30.976 billion; E&P R$10.002 billion due to lower international oil prices; petrochemicals R$2.978 billion) and to the write-off of R$6.194 billion.

   Official dataProven in a document

   Source: Petrobras — Form 6-K: resultados do 4T14 e do exercício de 2014 (em reais), com nota sobre a Operação Lava Jato — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 22, 2015 · first page of the statement (summary); 'Key events' · open original ↗

   Petrobras stated that the difference between the fair value and the book value of its assets was significantly greater than any reasonable estimate of improper payments and that this difference does not originate primarily from improper payments, but from other sources, such as the measurement method and changes in the business context (exchange rate, discount rate, prices, and margins).

   Official documentProven in a document

   Source: Petrobras — Form 6-K: resultados do 4T14 e do exercício de 2014 (em reais), com nota sobre a Operação Lava Jato — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 22, 2015 · Note on the Lava Jato Operation – Background · open original ↗

   Petrobras explained that the postponements of Comperj and RNEST-2 were measures to preserve cash and a response to the difficulties the Lava Jato investigation created for suppliers, and attributed the losses mainly to project planning deficiencies, a higher discount rate (risk premium of the stalled project), delays in expected cash inflows, and lower projected economic growth.

   Official documentProven in a document

   Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 5 – Impairment of Assets (2014); same explanation in the 4Q14 statement, item 'domestic refineries' · open original ↗

7. June 26, 2015 Economy

   Board approves 2015–2019 plan with US$130.3 bn, 37% below the previous one

   Plan focused on deleveraging and on E&P in the pre-salt (83% of the total); refining investment is restricted, with 11% of the downstream segment going to complete the Abreu e Lima refinery. Production targets reduced because of postponements and delays, largely due to limitations of Brazilian suppliers.

   Sources (2)

   The Board approved the 2015–2019 Plan on June 26, 2015, with total investments of US$130.3 billion (E&P 108.6; Supply 12.8; Gas and Power 6.3; other areas 2.6), a 37% reduction from the previous plan.

   Official dataProven in a document

   Source: Petrobras — Form 6-K (29/06/2015): Plano de Negócios e Gestão 2015–2019 — Petróleo Brasileiro S.A. — Petrobras (SEC), June 29, 2015 · 6-K of June 29, 2015, table '2015-2019 Business and Management Plan (US$ Billion)' and paragraph on the reduction · open original ↗

   In the 2015–2019 plan statement, Petrobras reported that production targets were updated due to postponements of less mature projects and delays in the delivery of production units, largely because of limitations of Brazilian suppliers.

   Official documentProven in a document

   Source: Petrobras — Form 6-K (29/06/2015): Plano de Negócios e Gestão 2015–2019 — Petróleo Brasileiro S.A. — Petrobras (SEC), June 29, 2015 · 6-K of June 29, 2015, section 'Oil, NGL and Natural Gas Production Curve' · open original ↗

8. Sept. 21, 2015 Justice

   Sentence convicts Renato Duque to 20 years and 8 months and Pedro Barusco to 18 years and 4 months (first instance, criminal)

   According to a news report, a sentence by judge Sergio Moro (13th Federal Court of Curitiba) convicted nine defendants for crimes tied to contracts of Petrobras's Services Division; Barusco and others had their sentences reduced because of plea agreements. The sentence was not opened; current appeal status not verified.

   Sources (1)

   According to Congresso em Foco, in a sentence of September 21, 2015 Judge Sergio Moro convicted Renato Duque to 20 years and 8 months for passive corruption, money laundering, and criminal association, and Pedro Barusco to 18 years and 4 months (with a plea agreement); the sentence identified at least R$36,346,200, US$956,045, and €765,802 in bribes linked to the Services Directorate.

   Document described in a news reportSingle source

   Source: Lava Jato: Moro condena Duque a 28 anos de prisão; Vaccari pega 15 (título da página; o texto informa 20 anos e 8 meses para Duque) — Congresso em Foco, Sept. 21, 2015 · text of the report · open original ↗

9. Oct. 21, 2015 Economy

   SPE/MF document estimates more than 2 points of GDP in effects from the reduction in investments by Petrobras and contractors

   The federal government calculated an effect of 1.7% of GDP for the 33% Petrobras cut and 0.4% for the contractors' pullback, and said the fall in oil prices was one of the main factors in 2015.

   Sources (3)

   The SPE/MF estimated (October 21, 2015) that Petrobras's investment equals about 1.8% of GDP; the 33% reduction in 2015 (from US$37.1 bn to US$25 bn) would take 0.6 point off GDP directly and, with a multiplier of 2.5 (direct, indirect and income effect, input-output matrix cited from FGV), about US$30 billion or 1.7% of GDP.

   Study estimateEstimate

   Source: Impactos da redução dos investimentos do setor de óleo e gás no PIB — Secretariat of Economic Policy of the Ministry of Finance (SPE/MF); the file name also indicates the MME, Oct. 21, 2015 · Sections 2, 3.1 and 3.2, pp. 3–5 (Table 1, p. 4) · open original ↗

   The same document estimated that the reduction in the contractors' investments (15% on an investment of about 2.8% of GDP, Tendências assumptions) would correspond to 0.4% of GDP, and that the sum of the direct, indirect and 'lateral' impacts may have exceeded 2 percentage points of GDP.

   Study estimateEstimate

   Source: Impactos da redução dos investimentos do setor de óleo e gás no PIB — Secretariat of Economic Policy of the Ministry of Finance (SPE/MF); the file name also indicates the MME, Oct. 21, 2015 · Section 4, p. 6 · open original ↗

   The SPE/MF document says that the change in commodity prices, including oil, is one of the main factors of impact on growth since 2014, 'especially in 2015,' and that, in the oil and gas chain, 'other factors, of a non-economic nature' also played a preponderant role in the behavior of the sector's main company.

   Official documentProven in a document

   Source: Impactos da redução dos investimentos do setor de óleo e gás no PIB — Secretariat of Economic Policy of the Ministry of Finance (SPE/MF); the file name also indicates the MME, Oct. 21, 2015 · Section 1, p. 1 · open original ↗

10. Dec. 15, 2015 Economy

    Petrobras creates an internal committee to investigate the Drilling Rig Project and the agreements with Sete Brasil

    In the same year the company recorded losses of US$44 mn (direct) and US$40 mn (through FIP Sondas) due to the worsening of Sete Brasil's financial situation and the postponement of most of its constructions.

    Sources (1)

    In 2015, Petrobras recognized losses of US$44 million on its direct investment in Sete Brasil and US$40 million via FIP Sondas, due to the worsening of the company's economic and financial conditions, postponement of most of its construction, and uncertainty about the continuity of the projects; on December 15, 2015 it set up an internal committee to investigate possible irregularities in the creation of the Rigs Project.

    Official documentProven in a document

    Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Note 14.2 (impairment of investments); Item 6 – internal investigation committees · open original ↗

11. Dec. 30, 2015 Economy

    Last trading session of 2015: Petrobras market value of R$101.3 bn (US$25.9 bn), the lowest of the year-ends from 2012 to 2019

    Reproducible calculation using B3 prices and the number of shares from the 20-Fs. Average Brent fell from US$108.56 (2013) to US$52.32 (2015) and the average dollar rose from R$2.16 to R$3.34. It is a measure of share price, not of cash, and is not attributed to a single cause.

    Sources (3)

    Calculated as shares outstanding (cover of the 20-Fs) × closing price of PETR3/PETR4 on the last trading day of the year (B3), Petrobras's market value was R$254.9 billion (December 28, 2012), R$214.7 billion (December 30, 2013), R$127.5 billion (December 30, 2014), R$101.3 billion (December 30, 2015), R$209.4 billion (December 29, 2016), R$216.0 billion (December 28, 2017), R$316.1 billion (December 28, 2018), and R$407.2 billion (December 30, 2019); in dollars, US$124.7 billion, 91.6, 48.0, 25.9, 64.2, 65.3, 81.6, and 101.0 billion.

    Study estimateEstimate

    Source: B3 — Séries Históricas de Cotações (COTAHIST anual), arquivos de 2012 a 2019 — B3 S.A. — Brasil, Bolsa, Balcão, Dec. 30, 2019 · calculation in series/valor_mercado_petrobras.csv (scripts/petr_fechamento_b3.py and gera_valor_mercado.py) · open original ↗

    The EIA records an average annual Brent of US$111.26 (2011), 111.63 (2012), 108.56 (2013), 98.97 (2014), 52.32 (2015), 43.64 (2016), 54.13 (2017), 71.34 (2018), and 64.30 (2019).

    Official dataProven in a document

    Source: Europe Brent Spot Price FOB (Dollars per Barrel) — série anual RBRTE — U.S. Energy Information Administration (EIA), Oct. 21, 2026 · annual table 'Europe Brent Spot Price FOB', 2010's row · open original ↗

    According to series 1 of the Central Bank's SGS (dollar, selling rate), the annual average exchange rate was R$2.1605 (2013), 2.3547 (2014), 3.3387 (2015), 3.4833 (2016), 3.1925 (2017), 3.6558 (2018), and 3.9461 (2019); at the end of 2013, 2.3426; 2014, 2.6562; 2015, 3.9048.

    Official dataProven in a document

    Source: Banco Central do Brasil — SGS série 1 (taxa de câmbio livre, dólar americano, venda, diária) — Central Bank of Brazil, Dec. 31, 2019 · calculation in series/cambio_anual.csv (scripts/gera_series_macro.py) · open original ↗

12. Jan. 12, 2016 Economy

    Petrobras cuts 2015–2019 plan from US$130.3 bn to US$98.4 bn

    The company attributes the US$32 bn reduction to portfolio optimization (US$21.2 bn) and exchange-rate effect (US$10.7 bn), in light of new oil price and exchange-rate levels.

    Sources (1)

    On January 12, 2016, the Board approved adjustments: the capex of the 2015–2019 plan fell from US$130.3 billion to US$98.4 billion (a reduction of US$32 billion), which the company breaks down into portfolio optimization (–US$21.2 billion) and exchange rate effect (–US$10.7 billion), as a function of new oil price and exchange rate levels.

    Official dataProven in a document

    Source: Petrobras — Form 6-K (12/01/2016): ajustes ao Plano de Negócios e Gestão 2015–2019 — Petróleo Brasileiro S.A. — Petrobras (SEC), Jan. 12, 2016 · 6-K of January 12, 2016, paragraphs after the investment table · open original ↗

13. Apr. 2016 Economy

    Sete Brasil files for judicial reorganization in Rio de Janeiro

    The company, created in 2010 to supply drilling rigs to Petrobras, attributed the crisis to the fall in oil prices and the Lava Jato scandals. News reports diverge between April and May 2016 on the filing; the exact date was not obtained.

    Sources (2)

    Sete Brasil filed for judicial reorganization in Rio de Janeiro in April 2016 (3rd Business Court), citing the fall in oil prices and the Lava Jato scandals as causes; the company was created in 2010 to build rigs for the pre-salt and its shareholders reportedly invested R$8.3 billion.

    News reportSeveral independent sources

    Source: Sete Brasil entra com pedido de recuperação judicial — Jornal do Brasil, Apr. 30, 2016 · News report of April 30, 2016 · open original ↗

    The same chapter states that corruption at Petrobras and its suppliers, aggravated by the fall in oil prices in 2015, led Sete Brasil to file for judicial reorganization at the end of April 2016, with debt estimated at about US$5 billion, two-thirds owed to the federal government through public banks and funds (Banco do Brasil US$1 billion; Shipbuilding Guarantee Fund US$1.3 billion; FI-FGTS US$0.7 billion; Caixa US$0.5 billion); in April 2016, the degree of completion of the contracts ranged from 4.78% to 89.96% per rig (Table 7).

    Study estimateSingle source

    Source: Lessons of Operation Car Wash: A legal, institutional, and economic analysis (cap. 2, Costa, Lima e Goldschmidt) — Brazil Institute, Wilson Center (eds. Fabio Ramazzini Bechara and Paulo C. Goldschmidt; hosted by FGV Direito SP), Nov. 2020 · Ch. 2, pp. 42–44 (Table 7) · open original ↗

14. Sept. 19, 2016 Economy

    Board approves 2017–2021 plan, 25% below the January 2016 revision

    US$60.6 bn in E&P and US$12.4 bn in Refining and Natural Gas; total of US$74.1 bn according to Agência Brasil. It foresees US$19.5 bn in partnerships and divestments in 2017–2018.

    Sources (2)

    The Board approved the 2017–2021 Business and Management Plan on September 19, 2016 (statement of September 20, 2016): investments reduced by 25% relative to the January 2016 revision, with US$60.6 billion in Exploration and Production and US$12.4 billion in Refining and Natural Gas, and US$19.5 billion expected from partnerships and divestments in 2017–2018.

    Official dataProven in a document

    Source: Petrobras — Form 6-K (20/09/2016): Plano Estratégico e Plano de Negócios e Gestão 2017–2021 — Petróleo Brasileiro S.A. — Petrobras (SEC), Sept. 20, 2016 · 6-K of September 20, 2016, sections on the investment portfolio and partnerships/divestments · open original ↗

    Agência Brasil reported that the forecast for the 2017–2021 plan was US$74.1 billion, a 25% drop from the previous plan (US$98.4 billion), approved on September 19, 2016 and released on September 20, 2016.

    News reportSingle source

    Source: Petrobras reduz em 25% plano de investimentos para os próximos cinco anos — Agência Brasil, Sept. 20, 2016 · text of the report · open original ↗

15. Aug. 30, 2017 Justice

    TCU convicts Gabrielli and Cerveró in an accounts review on the purchase of the Pasadena refinery

    Ruling 1881/2017: joint and several debt of more than US$79 mn, a fine of R$10 mn each and an 8-year bar on commissioned posts. First of four accounts reviews; conviction by a court of accounts, not criminal.

    Sources (1)

    By Ruling 1881/2017 (Plenary, TC 005.261/2015-5, session of August 30, 2017), the TCU held José Sérgio Gabrielli and Nestor Cerveró, in a special accounts proceeding on the Letter of Intent for the purchase of the Pasadena refinery, jointly liable to reimburse more than US$79 million, fined each R$10 million, and barred each for 8 years from holding a commissioned position.

    Judicial or administrative decisionProven in a document

    Source: TCU condena ex-gestores da Petrobras ao pagamento de débito e multa pela compra de Pasadena (Acórdão 1881/2017 — Plenário, TC 005.261/2015-5) — Federal Court of Accounts (TCU), Sept. 6, 2017 · TCU news item of September 6, 2017 · open original ↗

16. July 6, 2018 Economy

    Petrobras approves commitment agreement with Odebrecht, opening an exit from the precautionary block

    According to eixos, the agreement provides for an integrity program and would allow Odebrecht Engenharia e Construção (after completing improvements) and Ocyan to exit the block imposed in December 2014. Primary announcement not located.

    Sources (1)

    eixos reported that on July 6, 2018 Petrobras approved an integrity commitment agreement with Odebrecht, which would allow the lifting of the precautionary blocking of Odebrecht Engenharia e Construção (subject to reassessment after completing improvements) and of Ocyan (with reassessment of the risk grade upon signing).

    News reportSingle source

    Source: Três anos de bloqueio cautelar da Petrobras: quem entrou, quem saiu e quem nunca entrou — eixos, July 6, 2018 · text of the report · open original ↗

17. Nov. 28, 2018 Economy

    Constellation, of the Queiroz Galvão group, prepares judicial reorganization filing with debt of US$1.7 billion

    The oil and gas company attributed the loss of cash to the investigations and the fall in oil prices, which led Petrobras to cut spending on platform leases. The report describes preparation, not a filing.

    Sources (1)

    On November 28, 2018, InfoMoney reported that Constellation, an oil and gas company of the Queiroz Galvão group (family-owned, 74%), was preparing a judicial reorganization filing with debt of US$1.7 billion, attributing the loss of cash to the Lava Jato investigations and the fall in oil prices, which led Petrobras to cut spending on renewing rig leases; seven of its eight rigs would be idle.

    News reportSingle source

    Source: Empresa de óleo e gás da Queiroz Galvão prepara recuperação judicial — InfoMoney, Nov. 28, 2018 · News report of November 28, 2018 · open original ↗

18. Dec. 20, 2019 Economy

    Petrobras approves agreement that keeps 4 and cancels 24 of Sete Brasil's 28 rigs

    Charter contracts for 4 rigs kept for 10 years at US$299 thousand per day; those for 24 rigs terminated; Petrobras leaves the ownership structure.

    Sources (1)

    On December 20, 2019, Petrobras approved the final terms of an agreement with Sete Brasil: charter and operation contracts for 4 rigs were kept for 10 years at US$299 thousand per day, and the contracts for the other 24 were terminated (Sete Brasil was to build 28 rigs for the pre-salt); Petrobras would leave the group's ownership structure.

    News reportSingle source

    Source: Petrobras aprova acordo com Sete Brasil que cancela contratos de 24 sondas — Exame, Dec. 20, 2019 · News report of December 20, 2019 · open original ↗

19. Nov. 27, 2023 Economy

    Petrobras announces resumption of the former Comperj as the GasLub Itaboraí Complex

    According to Brasil de Fato, announcement made alongside the 2024–2028 strategic plan; refining units planned for after 2028. Primary announcement not located.

    Sources (1)

    Brasil de Fato reported that, on November 27, 2023, when announcing the 2024–2028 strategic plan, Petrobras confirmed the resumption of the former Comperj under the name Polo GasLub Itaboraí, focused on diesel, with refining units planned for after 2028.

    News reportSingle source

    Source: Em anúncio de plano estratégico, Petrobras confirma retomada do Comperj, agora GasLub, em Itaboraí (RJ) — Brasil de Fato, Nov. 29, 2023 · text of the report · open original ↗

20. June 16, 2025 Economy

    Petrobras signs R$4.9 bn contracts to resume RNEST Train 2

    According to Movimento Econômico, contracts with Consag Engenharia; work interrupted in 2015; completion expected for late 2029. Primary announcement not located.

    Sources (1)

    Movimento Econômico reported that, on June 16, 2025, contracts worth R$4.9 billion were signed with Consag Engenharia to resume RNEST's Train 2, interrupted in 2015 'in the context of Operation Lava Jato', with completion expected at the end of 2029.

    News reportSingle source

    Source: Petrobras retoma Trem 2 da Abreu e Lima com contratos de R$ 4,9 bilhões — Movimento Econômico, June 16, 2025 · text of the report · open original ↗