SAO PAULO, March 6, 2026 (BSS/AFP) - Petrobras, Brazil's majority state-owned oil company, said Thursday that its profits nearly tripled last year thanks to record oil and gas output. The profit jump came even as sales slipped 2.4 percent to $89.2 billion, as total production was up 11 percent, the highest ever for the group. He attributed the growth to the company's focus on "quality projects that increase production, with high returns and quick cash generation." Brazil granted a license for the project last year despite opposition from environmental activists, and Petrobras had to suspend drilling in January after drilling fluid leaks. Left-wing President Luiz Inacio Lula da Silva has backed the exploration operation despite criticism from activists, arguing that oil revenues are needed to finance Brazil's energy transition.

Source: Bangladesh Sangbad Sangstha March 06, 2026 03:52 UTC