Petrobras Lifts Credit Standing as Sirius Gas Start Slips and Diesel Cargoes Plug Refinery Gaps
Published on 11/08/2026 at 04:54 | Editorial boerse-global.de
Petrobras has won a one-notch upgrade to its standalone credit profile, a quiet vote of confidence that lands alongside a busier operational calendar: a delayed Colombian gas venture, a hefty November diesel import programme and fresh production milestones.
Fitch raised the company's standalone credit profile to "bbb+" from "bbb," while affirming the global rating at "BB" and the national scale rating at "AAA(bra)." The outlook on both ratings was left stable.
On the exploration and production front, the P-78 platform in the Búzios field has reached its nameplate capacity of 180,000 barrels of oil per day, according to the company. Petrobras also logged a third oil find in the Morpho well in block FZA-M-59 off Amapá, describing it as the third discovery in that block, with drilling and geological data acquisition now complete.
Output figures reported on 29 October put the company's own production at an average of 3.51 million barrels of oil equivalent per day in the third quarter of 2026, up 11.7% year on year. Brazilian oil production alone hit a record 2.83 million barrels per day.
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Sirius Timeline Pushed Back
The offshore gas project Sirius, run jointly with Ecopetrol off the Colombian coast, will not start up on the original schedule. Alcindo Mortiz, president of Petrobras Colombia, set out a revised timeline that still targets a production start but stops short of a firm launch date, according to media reports on Thursday.
Diesel Cargoes to Rebuild Stocks
To keep supply steady after refinery maintenance, Petrobras has booked 600 million litres of diesel for November, Reuters reported — a volume equal to roughly 125,000 barrels per day — aimed at replenishing inventories. Director Angélica Laureano said the company does not expect any diesel imports in December, an expectation rather than a set of concluded supply decisions.
Share Price Feels the Oil Slide
The stock came under pressure as international crude prices fell. Reuters reported sharp losses on Wednesday even as Brazil's benchmark Ibovespa halted its post-election losing streak. By Friday, Petrobras shares were down 1.9% at a closing price of €7.67.
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Selling had already hit the stock on Tuesday. Brent had shed 7.6% on Monday and gave up a further 1.12% on Tuesday. Reuters also pointed to uncertainty over Brazil's economic policy direction after the election, which weighed on the wider equity market.
Earnings Call Rescheduled
Investors now look to the third-quarter 2026 results presentation. Petrobras moved the webcast to 11 November at 13:00 Brasília time, with simultaneous English translation, where the executive directors will take questions.
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