Latin American Economy & Business - August 2014 (ISSN 1741-7430)

Recent comment in the mainstream and financial media on Petrobras’ level of indebtedness, the unprofitability of its refining and marketing business in Brazil, the technical difficulties of extracting oil and gas from the pre-salt basins and various legal problems miss the point. The company performed well during H114 and is on track towards achieving its planned doubling of production to 4.2m barrels of oil per day (bpd). As production from the pre-salt basins is increased, the company’s cash flows should improve.