Petrobras Class A

PBR.A

Market cap $90.8B

Brazil's oil regulator ANP authorized state-run oil firm Petrobras to resume drilling activities at the environmentally sensitive Foz do Amazonas region on Wednesday, a document seen by Reuters showed.

Brazil's state-run oil firm Petrobras said on Wednesday it has expanded and renewed oil sales contracts with Indian state-owned oil refiners.

Indian state refiner Bharat Petroleum Corp will sign a deal with Brazil's national oil company Petrobras to buy 12 million barrels of Brazilian oil valued at $780 million at the India Energy Week conference next week, a government statement said on Friday.

Brazilian state-run oil firm Petrobras and its logistics subsidiary Transpetro on Tuesday signed contracts with shipyards for five gas carriers, as well as 18 barges and 18 pushers, for 2.8 billion reais ($520.82 million).

PBR remains a great Buy for dividend hunters, thanks to its discounted valuation arising from the state run status and the upstream risks from the commodity's price volatility. The new 5Y investment plan emphasizes capital preservation and efficient allocation, with the $109B budget through 2030 aimed at production growth targets. Dividend remains attractive at an estimated FWD yield of ~9.8%, albeit with variable payouts and extreme sensitivity to ongoing oversupply risks from the higher OPEC+/US production outputs.

Brazilian oil regulator ANP has told Petrobras that it cannot resume offshore drilling in the Foz do Amazonas basin until it provides information on a leak of synthetic fluid in the environmentally sensitive region, the agency said on Thursday.

A fluid leak has halted Brazilian state-run oil firm Petrobras' drilling of a well in the environmentally sensitive Foz do Amazonas Basin, the company said on Tuesday.

Brazilian equities posted strong gains on Tuesday, supported by higher oil prices and fresh signs of improving domestic economic activity. According to InfoMoney, the Ibovespa — the benchmark index — advanced sharply after the opening bell.

Brazilian union Sindipetro-NF, one of the largest representing Petrobras workers, accepted on Tuesday a counteroffer from the state-run oil company for a labor deal, suspending a strike launched earlier this month.

Brazil's Superior Labor Court ruled staffing levels to remain at 80% at all Petrobras facilities in Brazil as negotiations between workers at the state-run oil company drag on amid a prolonged strike.