Petrobras faces natural gas supply crunch after Bolivia cut supplies

Petrobras faces natural gas supply crunch after Bolivia cut supplies (NYSE:PBR)

May 25, 2022 by Seeking Alpha

Key Facts

  • simonmayer/iStock Editorial via Getty Images Petrobras (NYSE:PBR) said on Wednesday that it may need to import more liquefied natural gas following an unexpected cut in shipments of natural gas from Bolivia.
  • The company said Bolivia's YPFB (YPF) state oil company is diverting natural gas to Argentina, cutting the supply to Petrobras (PBR) by 30% this month, which caused a loss of ~6M cm/day of gas per day.
  • As a result, YPFB has been delivering only 14M cm/day of gas instead of the usual 20M cm/day of gas under the terms of its contract with Petrobras (PBR), which said it would respond with "fitting actions" but offered no further details.
  • Separately, the Brazilian government is expected to replace everyone it named previously to the Petrobras (PBR) board, local newspaper O Globo reported, according to Reuters.

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