Boston, MA 04/14/2014 (wallstreetpr) – Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) has had a mixed response since its earnings have not been that good yet it has been trying on new ventures. Petroleo Brasileiro Petrobras has made an announcement that its new oil well has started its operation and will now begin producing a significant amount of oil.
The Sapinhoa Field Plant
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) said that their latest oil plant in Sapinhoa field has started its operation and will now be running to produce around 26k barrels of oil each day. The oil well is around 2k metres deep and is the third project, which will contribute to the beginning of the development of the Sapinhoa field.
Petroleo Brasileiro Petrobras is the largest company for the production of energy in Latin America.
Though this oil giant has been having a hard time since the 2010 and the shareholders have been opposing a shares sale worth $70 billion, it seems that it will finally have a comeback. This comeback is very crucial for Petroleo Brasileiro since its high time that the company rose above the past and started to build a new future for itself, if its planning to stay in the market.
Scandals hit
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) has been hit by multiple scandals this year. Earlier it had made announcements to sell debts in national and global market till June this year but now that plan has seen an exit door. Seems like Petroleo Brasileiro Petrobras won’t be issuing global bonds after all.
The first scandal this year would be the arrest of the head of the downstream operation at Petroleo Brasileiro, namely Paulo Roberto Costa for being involved in money laundering. Then allegations were doing the rounds that the officials of Petroleo Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) had been involved in taking bribes from the supplier of offshore vessels from Netherlands. An enquiry is being conducted in that matter. Lets hope for the best when the results come out.
