|Headquarters||Rio de Janeiro, RJ, Brazil|
|Pedro Parente (CEO)
Ivan de Souza Monteiro (CFO)
|2.3 million barrels of oil equivalent (14,000,000 GJ) per day|
|Revenue||US$ 98.2 billion (2015)|
|-US$6.963 billion (2014)|
|-US$7.367 billion (2014)|
|Total assets||US$298.687 billion (2014)|
|Total equity||US$116.978 billion (2014)|
|Owner||Brazilian Government (64%)|
Number of employees
Petróleo Brasileiro S.A. — Petrobras, more commonly known as simply Petrobras (Portuguese pronunciation: [ˌpɛtɾoˈbɾas]), is a semi-public Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil. The company's name translates to Brazilian Petroleum Corporation — Petrobras.
- 1 Current operations
- 2 History
- 3 Petrobras in popular culture
- 4 See also
- 5 References
- 6 External links
The company operates in 6 business areas, listed in order of revenues:
- Refining, Transportation & Marketing – refining, logistics, transportation, trading operations, oil products and crude oil exports and imports and petrochemical investments in Brazil
- Exploration and Production – crude oil, NGL and natural gas exploration, development and production in Brazil
- Distribution – distribution of oil products, ethanol, biodiesel and natural gas to wholesalers and through the Petrobras Distribuidora S.A. retail network in Brazil
- Gas & Power – transportation and trading of natural gas and LNG, and generation and trading of electric power, and the fertilizer business
- International – exploration and production of oil and gas, refining, transportation and marketing, distribution and gas and power operations outside of Brazil
- Biofuels – production of biodiesel and its co-products and ethanol-related activities such as equity investments, production and trading of ethanol, sugar and the excess electricity generated from sugarcane bagasse
Production and reserves
Petrobras controls significant oil and energy assets in 16 countries in Africa, North America, South America, Europe, and Asia.
However, Brazil represented 92% of Petrobras' worldwide production in 2014 and accounted for 97% of Petrobras' worldwide reserves on 31 December 2014.
As of 31 December 2014, the company had 8,112.8 million barrels of oil equivalent (4.9633×1010 GJ) of proved developed reserves and 4,599.7 million barrels of oil equivalent (2.8140×1010 GJ) of proved undeveloped reserves in Brazil. Of these reserves, 62.7% were located in the offshore Campos Basin. The largest growth prospect for the company is the Lula oil field in the Santos Basin.
Reserves held outside of Brazil accounted for 8.4% of production in 2014. The majority of these reserves are in South America; the company has assets in Argentina, Bolivia, Chile, Colombia, Venezuela, Paraguay, and Uruguay.
Petrobras owns refineries in Texas (100,000 barrels per day of throughput), Okinawa, Japan (100,000 barrels per day of throughput), and Bahía Blanca, Argentina (30,000 barrels per day of throughput).
The Brazilian government directly owns 54 percent of Petrobras' common shares with voting rights, while the Brazilian Development Bank and Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5 percent, bringing the State's direct and indirect ownership to 64 percent. The privately held shares are traded on BM&F Bovespa, where they are part of the Ibovespa index.
Petrobras is a major supporter of the arts in Brazil.
Petrobras was created in 1953 during the government of Brazilian president Getúlio Vargas under the slogan "The Oil is Ours" (Portuguese: "O petróleo é nosso") and was given a legal monopoly in Brazil. In 1953, Brazil only produced 2,700 barrels of oil per day.
In 1961, the company's REDUC refinery began operations near Rio de Janeiro, and in 1963, its Cenpes research center in Rio de Janeiro which remains one of the world's largest centers dedicated to energy research.
In 1967, the company established a Petrobras Quimica S.A ("Petroquisa"), subsidiary focused on petrochemicals and the conversion of naphtha int ethene. Petrobras began processing oil shale in 1953, developing Petrosix technology for extracting oil from oil shale. An industrial size retort began processing shale in the 1990s. In 2006, Petrobras claimed that this industrial retort had a design capacity to process 260 tonnes/hour of oil shale.
In 1994, Petrobras placed into service Petrobras 36, the world's largest oil platform. The platform sank after an explosion in 2001 and was a completely loss. In 1997, the government approved Law N.9.478, which broke Petrobras's monopoly and allowed competitors to develop Brazil's oilfields. The Brazilian government also created the National Petroleum Agency (Agência Nacional do Petróleo, ANP), responsible for the regulation and supervision of activities in the petroleum industry, and the National Council of Energy Policies, a public agency responsible for developing of public energy policy.
In 1999, the National Petroleum Agency signed agreements with other companies, officially ending the company's monopoly.
In 2000, Petrobras achieved a world record for oil exploration in deep waters, reaching a depth of 1,877 metres (6,158 ft) below sea level.
In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc family and its foundation, for $1.18 billion. This acquisition included assets in Argentina, Brazil, Venezuela, Bolivia, Peru, and Ecuador. The company had 1.1 billion barrels of crude oil reserves and production of 181 thousand barrels of oil equivalent (1,110,000 GJ) per day.
By November 2015, the company had accumulated $128 billion in debt, 84% of which was denominated in foreign currencies.
In 1961, Petrobras geologist Walter K. Link published Link's memorandum, which implied that the company was better off exploring offshore instead of onshore. In 1963, Petrobras discovered the Recôncavo and Carmópolis oil fields.
The company's growth was halted by the 1973 oil crisis. The entire country was affected, and the "Brazilian miracle", a period when annual GDP growth exceeding 10%, ended. Petrobras nearly went bankrupt. In 1974, the company discovered an oil field in the Campos Basin. This discovery boosted its finances and helped it restructure nationwide. In 1975, the Brazilian Government temporarily allowed foreign operators in Brazil, and Petrobras signed contracts with foreign companies to explore for more oilfields in Brazil.
The company was also affected by the 1979 energy crisis, although not nearly as badly as in 1973.
In 1997, Petrobras reached the production milestone of 1 million barrels (160,000 m3) per day. The company also executed agreements with other Latin American governments and began operations outside Brazil.
On 1 May 2006, after the Bolivian gas conflict, Bolivia's president Evo Morales announced the nationalization of all gas and oil fields in the country and ordered the occupation of all fields by the Bolivian Army. On 4 May 2006, Petrobras cancelled a major future investment plan in Bolivia as a result. The Bolivian Government demanded an increase in the royalty payments made by foreign petroleum companies to 82%, but wound up settling for a 50% royalty interest.
In 2007, Petrobras inaugurated the Petrobras 52 Oil Platform. The 52 is the biggest Brazilian oil platform and the third-biggest in the world.
In 2007 and 2008, Petrobras made several major oil discoveries including the Lula oil field (formerly known as the Tupi field), the Jupiter field, and the Sugar Loaf field, all in the Santos Basin, 300 km off the coast of Rio de Janeiro. The oil fields were discovered by partnerships that include Petrobras, Royal Dutch Shell, and Galp Energia. However, estimates of reserves in these new fields varied widely.
In January 2009, the P-51 Platform, the first semisubmersible platform built entirely in Brazil, started production in the Campos Basin. The platform is capable of producing up to 180,000 barrels of oil per day.
In February 2009, China agreed to supply Petrobras with US$10 billion in loans. In exchange, Petrobras agreed to supply 60,000-100,000 barrels of oil per day to a subsidiary of Sinopec and 40,000-60,000 barrels of oil per day to PetroChina.
In September 2010, the company completed a US$70 billion share offering, the largest share offering in history. The funds were to be used to develop the newly discovered oil fields.
It emerged in September 2013 that the US government had been allegedly spying on Petrobras after Organizações Globo reported the claims on national television. The information was reportedly provided by US journalist Glenn Greenwald. Petrobras announced that it was investing R$21 billion over five years to improve its data security.
In 2014, the largest corruption scandal in the history of Brazil, centered around Petrobras, was uncovered. According to the investigation, a small number of top Petrobras officials colluded with an organized cartel of 16 companies to overcharge Petrobras for construction and service work and these top officials received bribes and kickbacks. Petrobras officials have pegged the total of all bribes at nearly $3 billion. As of August 2015, 117 indictments have been issued, 5 politicians have been arrested, and criminal cases have been brought against 13 companies. Brazilian president Dilma Rouseff, who promised to reduce corruption during her election campaign, and former Brazilian president Luiz Inácio Lula da Silva, both of whom served on the board of directors of Petrobras during the scandals, have both been blamed. This has sparked protests in Brazil.
Petrobras has noted on its website several initiatives that it has taken to preserve the environment. These include sponsoring efforts to support both ocean and forest ecosystems.
|March 1975||6 million||Guanabara Bay|
|October 1983||1.5 – 3 million||Bertioga|
|August 1989||690,000||São Sebastião|
|January 1994||350,000 – 400,000||Campos Basin|
|May 1994||2.7 – 3.1 million||São Sebastião|
|March 1997||600,000 – 2.8||Guanabara Bay|
|October 1998||1 – 1.5 million||São José dos Campos|
|January 2000||1.3 million||Guanabara Bay|
|March 2000||7,250||São Sebastião|
|July 2000||4 million||Barigui Iguaçu Rivers|
|August 2000||1,800||Rio Grande de Norte|
|August 2000||4,000||Angra dos Reis|
|November 2000||86,000||São Sebastião|
|March 2001||1.4 million||Campos Basin|
Petrobras in popular culture
|This section does not cite any sources. (May 2016) (Learn how and when to remove this template message)|
- In the Speed Racer live-action movie, one of the cars featured is the "Green Energy", a biodiesel fueled racing car sponsored by Petrobras.
- Petrobras is the main sponsor of the Brazilian Série A.
- Petrobras was a secondary sponsor for the AT&T WilliamsF1 Team from 1998 to 2008 and has signed with Williams F1 again from 2014 onwards.
- Petrobras was a sponsor for Flamengo in Brazil from 1984 to 2009.
- The sauropod dinosaur Petrobrasaurus is named after this company.
- History of Brazil (1945–1964)
- Ethanol fuel in Brazil
- Petrobras 36 Oil Platform
- Tupi oil field
- Walter K. Link
- "pbraform20f_2014.htm - Generated by SEC Publisher for SEC Filing". Retrieved 5 May 2016.
- "Petrobras". Petrobras. Retrieved 5 May 2016.
- Brazilian government boosting Petrobras stake to 64 percent France 24. Retrieved on 2010-10-15.
- "• Petrobras employee number 2009-2014 - Statistic". Statista. Retrieved 5 May 2016.
- "List of Subsidiaries". Retrieved 5 May 2016.
- eddiegilman (20 July 2016). "Petrobras". Fortune. Retrieved 30 August 2016.
- Source: 09 – April 2011 – "Governance – Capital Ownership" at Petrobras Investor Relation Site
- "Fostering Culture: We encourage the Arts and Culture - Petrobras". Petrobras. Retrieved 5 May 2016.
- Bello (14 February 2015). "Whose oil in Brazil?". The Economist.
- Peter Muello (21 April 2006). "New Rig Brings Brazil Oil Self-Sufficiency". Washington Post. Associated Press.
- Diana Kinch (26 December 2011). "Petrobras halts some Reduc refinery ops after fire". Marketwatch.com.
- "Press Tour to the Petrobras Research and Development Center (Cenpes) on Monday, 30 June". Brazilian Government. 24 June 2014.
- Bloomberg: Company Overview of Petrobras Quimica S.A. - Petroquisa
- PETROSIX INDUSTRIAL PLANT IN OPERATION
- "Petrobras P-36". Retrieved 5 May 2016.
- Andréa Novais (24 November 2011). "Understand Petrobras". The Brazil Business.
- "Monopoly ends for Brazil's Petrobras". Offshore Magazine. 1 November 1999.
- Jonathan Wheatley (18 December 2000). "Pumping Up Petrobras". Bloomberg L.P.
- "Petrobras to acquire control of Perez Companc". Oil and Gas Journal. 29 July 2002.
- Ative Soluções. "Japan - Petrobras". Retrieved 5 May 2016.
- "Petrobras's Dangerous Debt Math: $24 Billion Owed in 24 Months". Bloomberg L.P. 18 November 2015.
- Dott, Robert (2001). "From the Archivists Corner - Linkages" (PDF). The Outcrop: 14–17.
- "The Alignment Factor". Retrieved 5 May 2016.
- "Campos Basin". Petrobras. Retrieved 5 May 2016.
- James Brooke (7 November 1994). "U.S. Oil and Gas Companies Test Waters in Brazil, Again". New York Times.
- "Now 50, Petrobras, the Brazilian National Oil Company, Has Aged Well". Wharton School of the University of Pennsylvania. 8 October 2003.
- Christine Hauser (1 May 2006). "Bolivia Nationalizes Natural Gas Industry". New York Times.
- "Petrobras scraps Bolivia project". BBC. 4 May 2006.
- "A hard bargain: Evo Morales deals and wins on gas". The Economist. 2 November 2006.
- "Petrobras starts production tests at P-52 platform". Oil and Gas Journal. 26 November 2007.
- "The next oil giant?". The Economist. 19 March 2009.
- "Petrobras' P-51 Kicks Off Production in the Campos Basin". RigZone. 26 January 2009.
- Jonathan Wheatley (19 February 2009). "Brazil to supply oil to China for loans". Financial Times.
- Fábio Palmigiani (8 August 2008). "Petrobras to acquire Esso assets in Chile for US$400mn". BN Americas.
- Peter Millard (24 September 2010). "Petrobras Raises $70 Billion as Investors See Growth". Bloomberg L.P.
- "Brazilian oil giant Petrobras dumps NZ exploration permits". New Zealand Herald. 4 December 2012.
- "Petrobras Workers Strike, Shut Down Some Oil Platforms". Forbes Magazine. 25 July 2013.
- "Brazilian oil giant Petrobras dumps NZ exploration permits". New Zealand Herald. 4 December 2012.
- Asher Levine (8 September 2013). "U.S. government spied on Brazil's Petrobras oil firm". Reuters.
- Leahy, Joe (18 September 2013). "Brazil's Petrobras to invest heavily in data security". Financial Times.
- Chen Aizhu and Judy Hua and Anthony Boadle (13 November 2013). "Petrobras sells Peru unit to PetroChina/CNPC for $2.6 billion". Reuters.
- "Petrobras hits 'historical' production record". Offshore Energy Today. 13 January 2015.
- David Segal (7 August 2015). "Petrobras Oil Scandal Leaves Brazilians Lamenting a Lost Dream". New York Times.
- "Bill Gates sues oil giant Petrobras and PwC over corruption scandal". The Telegraph. 25 September 2015.
- "Mapping to preserve". Retrieved 5 May 2016.
- "Petroleo Brasileiro SA - Petrobras – 2015 Communication on Progress - UN Global Compact". Retrieved 5 May 2016.
- "Petrobras is the most sustainable oil company". T&B Petroleum. 22 February 2008.
- "Case study: An oil stained legacy – Greenpeace do Brasil versus Petrobras S.A." in Tulder, Rob Van; Zwart, Alex Van Der (20 January 2006). International Business-Society Management: Linking Corporate Responsibility And Globalization (PDF). Routledge. ISBN 9780415342414. Retrieved 6 June 2012. (Entry at Google Books)
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