Piñón on Energy: #Petrobras pullout not a final verdict on #Cuba’s oil

“…Petrobras has more to gain from organically growing its position in Brazil than going abroad to expand production”. Petrobras CFO Almhir Guilherme Barbassa (Forbes magazine, February 28, 2011)

More than 80 percent of the world’s crude oil production is in the hands of national oil companies (NOCs), the majority with a good track record of managing their national patrimony. But only a handful have been able to keep an arms-length relationship from their country’s politics du jour.
Many governments treat their NOCs’ coffers as a petty cash box to finance their political or social agendas, without taking into consideration the huge amounts of capital that have to be reinvested, in order to maximize the NOCs’ return on assets and the life span of their hydrocarbon resources.
A rare exception is Brazil’s Petrobras, which has demonstrated an envious independence from the central government’s politics. This oil company is marching to the beat of its own drummer.

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