LatinNews Daily - 12 May 2023

In brief: Drop in profits for Brazil’s Petrobras

* Brazil’s state-controlled oil company Petrobras has released its first quarter results, posting a profit of R$38.16bn (US$7.73bn), down 12% from the R$43.34bn in Q4 2022, and down 14.4% from the R$44.56bn in the first quarter of last year. The company attributed the slump in profits to a fall in oil prices. CEO Jean Paul Prates, appointed in January and now working with a new board of directors appointed at the end of April, boasted of the company’s operational performance and future ambitions to increase production, noting that February saw record production of 2.13m barrels per day of pre-salt oil, and highlighting the three new oil rigs that begin production this year and a further 13 facilities by the end of 2027.

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