CEO Chair
Is irrelevant whether Petrobras is doing well or going bankrupt.
What is relevant is the price of oil in the middle term and in near term as this would help to make a decision to proceed with the development with confident and certainty.
If the POO is more than $60 today, you would rather hope that Petrobras goes bankrupt and we keep their share, definitely have no problem finding a partner(s) if required in any profitable venture.
But at current POO of around $40 to $45, with the extraction/development cost around $50 to 55, these oil field is practically worthless even it contain a billion barrel of oil.
But it didn't stop the inept board/management just focus on this dead end venture without any strategy plan or plan B to increase shareholders value apart from consuming the cash pile themself, and many of them from the same family including the pet dog.
CEO Chair Is irrelevant whether Petrobras is doing well or going...
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