Petrobras: Considers ending Iran operations
Petrobras eyes end to Iran operations
Brazilian state-run Petrobras is considering ending its activities in Iran, local reports said today.
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.
The company said it had drilled two wells in the country, reported Dow Jones.
Petrobras has an office in Tehran but is evaluating the idea of closing it once the concession areas have been returned, Estado news agency said.
"Why stay there if there's no production that will pay for the investment?", Zelada asked.
Zelada said the decision to leave was not motivated by political pressures.
"It's a strictly technical evaluation," Zelada said.
Zelada made the remarks during the Brazil Global Energy conference in Rio de Janeiro today.