ShippingWatch

Smedegaard: Giving up hopes of Brazilian oil success

Maersk's attempts at landing solid profits from the Brazilian oil sector have now been given up for good. After many years and several attempts Maersk Oil has opted to divest, make a major impairment and let go of its ambitions for future growth in the country.

Photo: Miriam Dalsgaard, Polfoto

A.P. Moeller-Maersk is now definitively giving up hopes of a successful Brazilian oil business. After many years and several attempts Maersk Oil has opted to divest, perform a major impairment and let go of its ambitions for future growth in the country, says A.P. Moeller-Maersk CEO Nils Smedegaard Andersen after the company on Tuesday performed a USD 1.7 billion impairment on its fields in the country, describing the development as "regrettable."

"We've been in Brazil since 2001 and we've tried several times to establish a significant business in Brazil, as it's an attractive oil country. But we have not been able to successfully implement some of the initiatives we've taken in a way that makes sense, so we do not plan to make further attempts at the Brazilian oil market," says Nils Smedegaard Andersen.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Sea Cargo Charter hesitates to raise climate ambitions

The climate ambitions of the Sea Cargo Charter initiative have been criticized by several members, but it seems they still don’t stand to be raised, Chair Jan Dieleman tells ShippingWatch. For over a year, the initiative has considered raising the bar.

Further reading

Related articles

Latest news

See all jobs