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Oil workers strike continues to weigh on Petrobras

  • The Brazil oil workers strike continues to erode Petrobras' (NYSE:PBR) domestic oil production, with seven unions now rejecting the company's proposal for a 9.5% pay raise.
  • Last week, the FUP federation of oil workers unions said it had struck an agreement with PBR to end the strike that began Nov. 1, but seven out of 17 local unions have rejected the proposal mainly as a result of the company's rejection of a proposal to pay full wages for the days of the strike.
  • PBR says daily lost production as a result of the work action has averaged ~100K bbl/day since Nov. 9, ~5% of total production in Brazil; natural gas production has been reduced by 1.5M cm/day, or 3% of the market's availability.
  • Yet PBR says its average total oil and natural gas production in October reached 2.76M boe/day, 1.6% higher than the 2.72M boe/day in September.
  • Separately, PBR says an extension well has confirmed the presence of oil in the deepwater section of the Potiguar basin.
  • Earlier: Brazil oil workers local tells members to leave Petrobras platforms (Nov. 17)

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