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since 2009
Tuesday, September 1, 2026

Business - Brazil Oil and Gas Business

Petrobras Face Rig Safety Problems

By · August 17, 2010 · 2 min read

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By Jewellord T. Nem Singh, Contributing Reporter

RIO DE JANEIRO – Petrobras President José Sérgio Gabrielli admitted this week that there are problems with his company’s platform in the P-33 drilling block which could endanger workers’ safety and operational security. Throughout the week news wires have reported that the platforms are susceptible to corrosion and serious maintenance problems persist in the area, with photos of rusted metalwork gaining prominence in light of the Deepwater Horizon explosion earlier this year.

Petrobras President José Sérgio Gabrielli admits problems with some oil platforms operated by the company, photo by World Economic Forum/Creative Commons License.
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“They (the platforms) were in disrepair, they had problems, perhaps they needed some maintenance. I admit we have some maintenance problems, but we never put our workers or our systems at risk”, Gabrielli told the press on Monday.

In response, the ANP interrupted rig operations last week for safety reasons. Petrobras has been firm in its position that it is improving the working conditions in the aforementioned platforms as per ANP regulations, and that October was already due to see routine maintenance checks across the rigs, so the news has merely brought the ‘Operação Padrão’ forward a matter of weeks.

Although the management is assuring workers of their safety, the Confederation of Petroleum Workers of Northern Fluminense (Sindipetro NF) union called upon its workers in 45 platforms of the Campos Basin to join their call for better security in the workplace through a 24-hour work stoppage. The mobilization also marks the anniversary of the oil accident in Enchova, which led to the deaths of 37 Brazilian oil workers in 1984.

Regulatory agency in the oil sector The ANP disrupted Petrobras operations in the P-33 block for safety checks, photo by Fotos da Bahia/Creative Commons License.

The union argues that the labor agency in charge of the workers’ risk and safety precautions, Superintendência Regional do Trabalho e Emprego, has already conducted a safety investigation on the P-33 platforms and reported problems with pipelines and rusty valves.

Harsh working conditions and high levels of risk are characteristic of extractive industries, and the unions therefore play a leading role in negotiating not just for better pay, but also working conditions.

A demonstration by workers on ten platforms in the Campos Basin began this week in response to the latest news. “Operação Chega de Contar com a Sorte” will see workers themselves encoraged to perform evaluations of the risks involved in the everyday carrying out of their work. The unions have advised them that if they witness anything that puts their safety in jeopardy that they should stop work, and Gabrielli himself has declared his support for the action.

Live Company IntelligencePetroleo Brasileiro Petrobras SA ADR — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.
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◆ Live Company Intelligence
Petroleo Brasileiro Petrobras
NYSE: PBRPETR4EnergyOil & Gas Integrated43,199 employees
$119.41B
Market cap
Analyst target $22.03

Wall Street view

4.4Buy/ 5
11 Buy3 Hold0 Sell
Avg. price target $22.03  ·  +30% vs 200-day

Valuation & profitability

Market cap$119.41B
Revenue (TTM)$548.49B
P / E ratio4.6
Profit margin24.3%
Return on equity30.3%

Price & risk

52-wk low
$10.65
52-wk high
$21.44
Beta (volatility)-0.22
200-day average$16.90

Revenue trend · 6y

20202025
Latest $88.10B

Ownership

Institutions22.3%
Shares outstanding3.72B
Top holderGQG Partners LLC
Institutional holders5+ funds

Dividend

Yield20.1%
Payout ratio28.3%
Fwd. annual$1.68
What Petroleo Brasileiro Petrobras does. Petróleo Brasileiro S.A. – Petrobras explores, produces, and sells oil and gas in Brazil, China, the United States, the Americas, Asia, Europe, Singapore, and internationally. It operates through three segments: Exploration and Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies. The Exploration and Production segment explores, develops, and produces…
Data: RT fundamentals (PBR.US) · figures in USD · as of 1 Sep 2026More company intelligence →

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