BiG Research Flash Note: Petrobras
Petróleo Brasileiro SA, better known as Petrobras, is a semi-public Brazilian oil and gas
company created in 1953 and operating primarily in Brazil (Petrobras represents 79% of
Brazilian production). It ranks as number 53 in the global fortune 500 companies and is
the largest South American company. In 1997 the Brazilian government broke Petrobras
monopoly on Brazil’s oil production by allowing foreign entities to enter the business.
While the company gained international admiration by being a hirer of international
talent and by successfully conquering the difficult geology of the pre-salt basins at low
costs, in 2014 a big scandal erupted, with Petrobras at its center, as the company was
tied to political corruption in the Brazilian government, and this significantly hurt its
public image. Petrobras has more than 5 billion barrel of oil equivalent in reserves and
produces around 2 million barrels a day. Most of its reserves are located in deep
offshore areas, in Campos and Santos basins, in southeast Brazil. Petrobras also operates
refineries, is in the supply of natural gas and is in the electrical power segment.
Petroleo Brasileiro is an oil and gas company. In Latin America, Co.'s operations extend from exploration and production to refining, marketing, retail services, natural gas and electricity power plants. In North America, Co. produces oil and gas and has refining operations in the U.S. In Africa, Co. produces oil in Nigeria and in Asia Co. has refining operations in Japan. Co.'s activities are organized into six business segments: Exploration and Production, Refining, Transportation and Marketing, Distribution, Gas and Power, Biofuel, and International. As of Dec 31 2014, Co. had oil and natural gas proved reserves (developed and undeveloped) of 13,130.9 million barrels of oil equivalent.
Banco de Investimento Global, S.A. (BiG) is a privately-held, specialized financial institution, with headquarters in Lisbon, and is licensed to operate in all business areas open to the banking sector in Portugal.
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