Petrobras' P-52 oil platform built by Keppel FELS, one of the biggest floating platforms in the world. It was shut down on Thursday by striking oil workers, along with 40 other oil rigs floating off the coast of Brazil's Atlantic Ocean.
Petrobras oil workers affiliated with the North Rio Petroleum Workers Union, Sindipetro, went on a 24 hour strike and shut down 40 out of 48 deep sea oil platforms currently floating far off the coast of Rio de Janeiro and Espirito Santo states.
Sindipetro said that only security personnel were working on the platforms and that approximately 5,000 workers were participating in the strike. They?re looking for Petrobras, Brazil?s biggest oil company, to re-institute overtime pay for workers who spend nights on the oil rigs.
Petrobras stopped paying time off equal to 1.5 hours for each hour of overtime worked and Sindipetro wants it back. Workers do receive time-and-a-half wages for the overtime itself, however. ?Brazil?s unions are strong, and tend to make lots of noise where they can.
Petrobras said that platforms located in the prolific Campos Basin were still producing oil. Only a couple of platforms were temporarily off line.
This is Petrobras? most important piece of drilling real estate. ?In May, the Campos Basin produced 82% of Brazil?s total oil production, or around 2 million barrels of oil per day. It also accounted for 37% of Brazil?s natural gas production, which was around 75 million cubit meters per day out of Campos? deep sea wells. ?Petrobras discovered the wells in the basin in 2007, turning the company into a must-have stock for energy investors, and leading what has become a non-stop wave of money coming in from the world?s biggest oil companies.
Petrobras put an end to the union?s extra-overtime bennies in April.
Sindipetro fought back early this morning, before sunrise in a cool Rio winter?s morning.
Petrobras? P-52 platform was shut down completely without any oil production. P-15 was also shut down completely, with Sindipetro saying that around two million barrels of oil were not produced Thursday as a result.
At 15:00 local time, Petrobras oil drilling platforms P-07 and P-35 were also shut down without a drop of oil being produced. Production is expected to return later in the day. ?The two smaller units produce around 43,666 barrels of oil daily.
Petrobras shares have ignored the strike completely. ?The company?s stock is up 1.29% following news that CNBC front man Jim Cramer said the stock was a buy.??Cramer told his Mad Money viewers last night to buy Petrobras?during his?lightning round. ?Even though everyone considers Petrobras a government agency with no real pricing power,?Cramer said the stock was near its lows. ?I want to own it. It is down from its highs,? his said.
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