Petrobras CEO departs to join state gov’t, new lead to be announced soon

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Petrobras is set to announce a new Chief Executive Officer (CEO) after its current lead Caio Mário Paes de Andrade departs to serve in the incoming administration of the governor of Brazil’s São Paulo state.

The move comes ahead of a possible shift in Petrobras’ corporate strategy under Brazil’s new President-elect, Luiz Inácio Lula da Silva.

“Caio Mário Paes de Andrade will continue to give exclusive attention to the change of command that will take place in the Company, collaborating together with the other Executive Officers for a professional, transparent and adherent transition to the good governance rules,” Petrobras said in its announcement.

As Lula transitions to his presidential role, his team reportedly told Petrobras after a meeting with the top brass that there is no need for major moves in the company. The President-elect has already expressed plans to have Petrobras expand its refining capacity and plug more investment into renewables.

Lula will assume the presidency in January. A new pick for Petrobras CEO is expected to be announced when he does.

Headquartered in Rio de Janeiro, Petrobras is the largest integrated energy firm in Brazil and one of the largest in Latin America.

Petrobras’ activities include the exploration and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.

The company plans to invest over US$78 billion into capital expenditures (CAPEX) to achieve the goals outlined in its new 2023-2027 Strategic Plan. Petrobras’ total E&P CAPEX is set at US$64 billion with 67% of that sum going to its pre-salt operations.

Petrobras maintained a solid third-quarter performance with a total of 3.65 million oil-equivalent barrels (MMboe) produced. A whopping 73% of production came from Brazil’s pre-salt basin.

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