Trouble Continues in Brazil’s Oil Patch | Aviation International News

Trouble Continues in Brazil’s Oil Patch

Sales of helicopter services have slowed dramatically in the once-busy Brazil oil sector.

By Mark Huber • Contributor

February 29, 2016

Brazil’s troubled, scandal-plagued and majority state-owned oil company Petrobras announced January 12 that it is revising its planned capital expenditures–including deepwater exploratory drilling–lower for the period 2015 to 2019 from $130 billion to $98.4 billion and modestly cutting oil production targets as well. The move is expected to have a major impact on the country’s already buffeted OGP helicopter services firms, which have seen business decline by more than 25 percent over the last year. Petrobras accounts for 90 percent of all OGP helicopter business in Brazil.

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