New Petrobras CEO to Lead $225 Billion Spending Plan (PBR)
Petroleos Brasileiro SA (NYSE: PBR), better known as Petrobras, named a new CEO yesterday. She is Maria das Gracas Foster, a 34-year veteran of the Brazilian oil firm and the first woman to head any of the five global supermajor…
Petroleos Brasileiro SA (NYSE: PBR), better known as Petrobras, named a new CEO yesterday. She is Maria das Gracas Foster, a 34-year veteran of the Brazilian oil firm and the first woman to head any of the five global supermajor oil companies.
Foster’s primary job will be to implement the company’s $225 billion investment in developing the Lula discovery offshore of Brazil. The plan was announced last year, following the company’s $70 billion secondary share offering.
Foster, who has been nominated by Brazil’s president, still needs to be confirmed by the company’s board, but that should be no obstacle because the government controls the board.
Shares in Petrobras are up about 7% since yesterday when the announcement was made.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.