The chief executive of Brazilian state-run oil company Petrobras offered to step down on Tuesday, the company said, sending shares sliding as investors braced for the possibility of more political interference at the firm.Chief Executive Jean Paul Prates asked the Petrobras board to meet and discuss an early end to his term, the company said in a late Tuesday filing.New York-listed shares of Petrobras fell over 6% in after-hours trading.The securities filing came after Brazilian President Luiz Inacio Lula da Silva made the decision to dismiss Prates, two people familiar with the matter said on Tuesday.Lula is likely to nominate Magda Chambriard, former head of Brazilian oil and gas regulator

The chief executive of Brazilian state-run oil company Petrobras offered to step down on Tuesday, the company said, sending shares sliding as investors braced for the possibility of more political interference at the firm. Chief Executive Jean Paul Prates asked the Petrobras board to meet and discuss an early end to his term, the company said in a late Tuesday filing. New York-listed shares of Petrobras fell over 6% in after-hours trading. The securities filing came after Brazilian President Luiz Inacio Lula da Silva made the decision to dismiss Prates, two people familiar with the matter said on Tuesday. Lula is likely to nominate Magda Chambriard, former head of Brazilian oil and gas regulator ANP, as Petrobras CEO, the sources said, confirming a report by newspaper O Globo. Since Prates took over as CEO in January 2023, he has tangled repeatedly with Energy Minister Alexandre Silveira, who openly criticized the company for not doing enough to lower fuel prices or boost Brazils economy with investment projects. Silveiras criticisms often echoed Lulas own concerns about Petrobras, which he has said should do more to help the country. The dispute between Silveira and Prates hit a fever pitch in March, when the companys board - largely appointed by Silveira - defied Prates and withheld extraordinary dividends that investors expected, weighing heavily on Petrobras shares. Prates also said he intends to resign from his role on the board of Petrobras after ending his CEO term, according to the company filing.

Petrobras CEO offers resignation, U.S.-listed shares tumble

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Petrobras CEO Resigns Amid Political Tensions; Shares Plunge 6%

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Jean-Paul is currently the Presidente at Petrobras, a position he has held since February 2023. Prior to this, he served as a Senador da República at Senado Federal from October 2014 to January 2023. Before that, he was the Presidente at SEERN Sindicato das Empresas do Setor Energético do RN from September 2013 to October 2022. His previous roles include Diretor at CRN-Bio from May 2015 to December 2018 and Diretor Geral at CERNE - Centro de Estrategias em Recursos Naturais e Energia from May 2010 to November 2018.

Earlier in his career, Jean-Paul held positions such as Director & Member of the Board of Administration at Bioconsultants Consultoria em Recursos Naturais e Meio Ambiente Ltd from October 2011 to May 2015 and Founder-Director & Member of the Board of Administration at Expetro - Consultoria em Recursos Naturais Ltda from November 1991 to May 2015. He also worked as a Publisher at Pennwell Brasil - Oil & Gas Journal Latinoamericana from January 1997 to March 2014.

Furthermore, Jean-Paul has experience as a Secretário de Estado de Energia e Assuntos Internacionais at GOVERNO DO ESTADO DO RIO GRANDE DO NORTE from June 2008 to May 2010 and as a President at Expetro from May 1991 to June 2008. His earlier roles include CEO at Gulf Brasil from July 2003 to August 2006 and Special Advisor to Governor for Energy & Infrastructure at Government of the State of Rio Grande do Norte - Brazil from January 2003 to June 2005.

Jean-Paul holds a MSc. in Energy Management & Environmental Policy from the University of Pennsylvania (1992 - 1994) and a Master of Science (MSc) in Pétrole et Moteurs from IFP School (1994 - 1996).

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Magda is currently the Diretora at Assessoria Fiscal Alerj since April 2021 and a Sócio at Chambriard Engenharia e Energia since January 2018. Prior to this, she worked as a Consultora em energia at Fundação Getulio Vargas for nearly 6 years, from June 2017 to March 2023. Magda also held the position of Diretora Geral ANP at ANP - Agência Nacional do Petróleo, Gás Natural e Biocombustíveis from March 2012 to November 2016. She was previously a Membro do conselho de administração at Empresa de Pesquisa Energética until November 2016 and at Pré-Sal Petróleo S.A. (PPSA) until September 2016. Magdas early career included various roles at ANP - Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, culminating in positions such as Diretora and Superintendente de Definicao de Blocos. She also served as a Superintendente de Exploracao at Anp from 2005 to 2007.

Petrobras CEO Resigns Amid Political Tensions; Shares Plunge 6%

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