New ’super manager’ at Brazil’s Petrobras is tasked with boosting investment, sources say

By Rodrigo Viga Gaier

RIO DE JANEIRO, Aug 6 (Reuters) - Brazilian state-run oil company Petrobras has appointed a new "super manager," Wagner Victer, tasked with boosting capital expenditure, to meet demands from Brazil's President Luiz Inacio Lula da Silva, sources said.

Lula considers Petrobras an engine for job creation and development, but the company has faced hurdles to invest in the past year because of difficulties with environmental licenses and suppliers.

Victer will oversee and coordinate the $102 billion 2024-2028 investment plan, two sources familiar with the matter said. Of this, $18.5 billion is expected for this year, mostly in exploration and production.

Petrobras did not respond to a request for comment.

The company created the position to help turn the company into a driver of Brazil's economy while maintaining profitability, the sources added, speaking on the condition of anonymity.

Victer's appointment comes after Magda Chambriard became the company's top executive in May, promising to speed up the company's investments, in line with Lula's wishes.

Having spent 37 years at Petrobras, one of the sources said, Victer was seen as someone who would be able to bring management of different parts of the company together, speeding up internal procedures.

Last year, Petrobras invested $12.7 billion, about 21% less than planned.

Victer's appointment is part of a broader shakeup, as Chambriard swapped several directors and managers since taking office.

Victer will also oversee production in the Buzios pre-salt oil field in the Santos Basin. By 2028, production there could be quadrupled, the company has said. In June, the field produced 874,800 barrels of oil equivalent per day. (Reporting by Rodrigo Viga Gaier; Editing by Stefanie Eschenbacher, Fabio Teixeira and Jonathan Oatis) Petroleo Brasileiro SA Petrobras