More evidence that there’s less oil in the world than we thought.:
WSJ: Petrobras international director Jorge Zelada said the company was studying the pull out because discoveries it had made there were not commercially viable, and the concessions would be returned to the government.
Petrobras said it had drilled two wells in the country. Petrobras has an office in Tehran but is evaluating the idea of closing it once the concession areas have been returned, Estado said.
“Why stay there if there’s no production that will pay for the investment ?”, Zelada asked.
Petrobras insists its reasons for leaving were not politically motivated, however this is convenient. The US, for one, was furious that Petrobras was doing business in the country, and has been urging the company to leave for years.
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