Petrobras painted a bleak outlook for the oil and gas sector on Thursday after posting a Q1’20 net loss of USD 9.7 billion, attributed to USD 13.2 billion of impairments on upstream assets. The first quarter saw Petrobras mothball 62 shallow water platforms, which it says are not expected to restart, with the firm’s CEO warning that industry is facing “its worst crisis in the last 100 years”.
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