Brazil awarded more than half of the oil blocks it offered in a deep-water region off its southeastern coast on Wednesday. Bids were submitted by Brazilian independent PRIO SA and oil majors including Petrobras and Equinor ASA.

A Petrobras SA executive who sits on Braskem SA’s board says he expects the Brazilian petrochemicals producer will be able to reach a deal with creditors to restructure some $11 billion of debt and avoid a bankruptcy filing.

Petrobras SA Chief Executive Officer Magda Chambriard ruled out raising the state-controlled oil producer’s stake in troubled petrochemicals firm Braskem SA. She stated that any additional capital must be matched by other investors.

Brazil’s Petrobras is weighing whether to grant improved payment terms to Braskem on some contracts as the petrochemical producer races against the clock to find a solution for its debt woes ahead of an August 24 deadline to avoid filing for bankruptcy protection.

Brazil’s state-controlled oil company discovered signs of hydrocarbons in a controversial exploration area off the coast of the Amazon rainforest.

Braskem’s bondholders continue to press state-controlled oil giant Petrobras to inject fresh capital into the struggling petrochemical producer as time runs short to avoid filing for bankruptcy protection in an election year.

Brazilian oil producer Petrobras outperformed expectations after supply disruptions stemming from the US-Iran conflict lifted second-quarter prices for crude, gasoline and diesel.

Brazil’s national oil company is producing more than the designed capacities of offshore platforms deployed at Buzios and other deep-water fields, helping to push its output to a record high as the Iran war squeezes global supply.