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BM&F Bovespa: PETR3, PETR4, XPBRA |
NYSE: PBR PBRA
|Industry||Oil and Gasoline|
|Founded||(1953) by Getúlio Vargas|
|Headquarters||Rio de Janeiro, Brazil|
José Sergio Gabrielli de Azevedo (CEO)|
Almir Guilherme Barbassa (CFO)
Petroleum and derived products|
BR service stations
Lubrax motor oil
|Revenue||US$ 138.5 billion (2010)</small>|
|Company||Reserves (MM boe)[clarification needed]]]||Current Years of Production||Oil & Gas Production (1000s boe/d[clarification needed]) 2006||Oil & Gas Production Growth (%) 2006|
|Royal Dutch Shell||11,108||6.7||3,474||-1.0|
- Rising prices: the company profited from rising oil prices in 2007-2008.
- Increasing demand: oil demand has increased drastically in the emergent countries, for which Petrobras exports its technologies. The BRIC countries' (Brazil itself, Russia, India and China) growth explains this huge demand. The Brazilian self-sufficiency in Petroleum (as of May 2006) allowed the company to export small quantities of oil.
- Political issues: despite of being nearly half privately owned, the majority of shares belong to the Brazilian government, which gives it control of the company's finances and operations. The recent growth of the company is explained by political stability. Since 1997 the Brazilian oil market was opened to foreign investments, but Petrobras continues to be the largest oil company in the country, enjoying a near monopoly.
At the 20th National Forum, it was revealed that Petrobras, with 11.7 billion barrels of oil, has the fourth biggest oil reserves among petrochemical companies with publicly traded shares. The figure does not include the recent discoveries in the mega-fields of Tupi, Jupiter, Carioca and Bem-te-vi.
The discovery of large reserves in Santos increased its stock price by about 19% in one day. Petrobras is considered the most reliable Blue Chip of the Bovespa Stock Exchange. While the North American Crisis of 2007 decreased the value of the stocks of a great majority of stock markets in the world, Petrobras helped hold the Bovespa's activities steady, making it one of the least affected stock exchanges in the world by the crisis.
On 30 April 2008, Brazil received an "investment grade" rating from Standard & Poor's, given to countries with stable and consistent growing economy. According to Standard & Poor's, Brazil jumped from a BB+ grade to a BBB-, the minimum level any country needs to reach to receive the grade. Petrobras played a big part in the country's growth, and the high rating would be useful in attracting foreign investments.
After a great advance on its stock shares (reaching 52.30 Brazilian real (R$) in Ibovespa) in May 2008, Petrobras faced a devaluation in the following month, its shares decreasing to R$43.90 on 19 June 2008. The most probable explanation for the great fall was the lack of information about the mega-fields recently discovered by the company. The great instability in Wall Street's markets also had great weight in those terrible results.
Petrobras' fall also led to bad results on the entire BM&F Bovespa, as Petrobras and Vale accounts for more than 25% of BM&F Bovespa's trade value, the devaluation of those companies' shares led it to lose more than 6,000 points in just 25 days.
However, with the continuous decrease of oil prices, Petrobras' stock shares fell to R$33,00 on 14 August 2008. Its market cap presented the biggest loss of value in the Americas, with US$93 billion (13 August 2008).
- On 19 December 2005, Petrobras announced a contract with the Japanese Nippon Alcohol Hanbai to launch a joint-venture. The project named Brazil-Japan Ethanol would import ethanol from Brazil, in a bid to develop an ethanol market in Japan.
- On 21 April 2006, while on board the Petrobras P-50 oil rig, a floating production storage and offloading vessel, President Luiz Inácio Lula da Silva announced Brazil's self-sufficiency in petroleum,.
- In November 2007, Petrobras announced a discovery of a major new oil field off the coast of Rio de Janeiro. The Tupi oil field in the Santos Basin had an estimated reserve of 5 billion to 8 billion barrels. The figure would put Tupi as the world's largest oil reserve since the discovery of Kashagan in Kazakhstan in 2000. The country's reserves would increase by 62 per cent, and Tupi's reserve would be on par with Norway’s 8.5 billion barrels of proven oil reserves .
- On January 21, 2008, Petrobras announced the discovery of Jupiter, a huge oil field which could equal the Tupi oil field. It is located 37 km (23 mi) from Tupi, 5,100 m (16,730 ft) below the Atlantic Ocean, 290 km (180 mi) from Rio de Janeiro.
- On April 14, 2008, a second massive oil field was announced in the same region as the Tupi oil field with reserves estimated at 33 billion barrels of oil.
- On May 21, 2008, Petrobras announced the discovery of a third megafield, located on the coast of the State of São Paulo.
- On May 19, 2009, Petrobras finalized a $10 billion loan from China in return for a ten years long supply of oil (150,000 barrels a day the first year, 200,000 barrels a day the nine others) 
List of recent oil field discoveries
From 2002-2005, Petrobras doubled its success rate at drilling new wells.
|April 18, 2006||Espirito Santo||Golfinho||38|
|July 11, 2006||Santos||Tupi||30|
|March 2, 2007||Campos||Caxareu||30|
|June 8, 2007||Espirito Santo||Pirambu||29|
|September 5, 2007||Santos||Tupi||27|
|September 10, 2007||Campos||Xerelete||17|
|September 20, 2007||Santos||Tupi Sul||28|
|December 21, 2007||Santos||Caramba||27|
|January 21, 2008||Santos||Jupiter||Huge Gas field|
|May 21, 2008||Santos||Bem-Te-Vi||36|
|May 29, 2008||Santos||Tiro||36|
|June 12, 2008||Santos||Guará||28|
|July 14, 2008||Espirito Santo||Golfinho||27|
|August 20, 2008||Campos||Aruanã||28|
|September 26, 2008||Santos||Sidon||36|
|November 21, 2008||Espirito Santo||Jubarte||30|
|November 25, 2008||Jequitinhonha||BM-J-3||?|
|January 26, 2009||Santos||Piracucá||?|
|April 8, 2009||Santos||Corcovado-1||?|
|November 16, 2009||Campos||Marimbá||29|
The company's most important discoveries started at the end of 2007, when the first mega-field, named Tupi, was found at a depth of 5,000 meters below the sea level, the first discovery of the company in the pre-salt layer. The second discovery was announced on January 21, 2008: the new mega-field was named Jupiter and had the same size as Tupi. The company revealed no more information about the field, forcing many investors to regard those facts as an "industrial secret".
On May 21, 2008, the company announced the discovery of a third oil megafield, located 250 km distant from the state of São Paulo, at a depth between 6000 and 6300 meters below sea level. The discovery was made by a consortium formed by Petrobras (66% of participation), Shell (20%) and Galp Energia (14%). The field's oil reserves had an API gravity between 25 and 28.
According to the Brazilian economy website InfoMoney.com, North American stock companies are considering the oil mega-field discoveries suspicious. On May 24, 2008, the company's shares fell 4% because of the scarce information given by Petrobras about the fields. (Portuguese)
An article written by Roberto Altenhofen Pires Pereira for InfoMoney.com said (translated from Portuguese):
By the end of 2003, Petrobras subscribed to the United Nations Global Compact, a voluntary agreement which encompasses a set of principles regarding human rights, working conditions and the environment.
The company's growth since 2006 has made Petrobras the most profitable company in the Brazilian economy, and gave it great importance worldwide, being recognized as the eighth biggest oil exploring company in the world.
Since 2006 Petrobras has been listed in the Dow Jones Sustainability Index, an important reference index for environmentally and socially responsible investors.
The civil society named Transparency International, which fights against global corruption, published a list on April 28, 2008 containing the names of 42 companies with high transparency levels, in which Petrobras was included.
In May 2008, World Trademark Review magazine awarded the Petrobras trademark team with an Industry Award for Latin American Team of the Year, a category in which Petrobras competed with Coca-Cola, Pepsico, and Procter and Gamble.
Petrobras global operations extends over 27 countries (including Brazil). Those operations are more related to diplomatic trades than oil exploration, although the company has important fields in India, Turkey, Angola and Nigeria. The most important countries for commercial agreements are Japan, United Kingdom and China. The complete map can be seen in Petrobras official link Petrobras Worldwide.
Petrobras is a member of the following international associations:
- ARPEL (Asociación Regional de Empresas de Petroleo y Gas Natural en Latinoamérica y el Caribe)
- IPIECA (International Petroleum Industry Environmental Conservation Association)
- OGP (International Association of Oil and Gas Producers)
- WBCSD (World Business Council for Sustainable Development)
Petrobras in New Zealand
In June 2010, Petrobras was granted a five-year permit for exploration of the Raukumara Basin, off the East Cape of New Zealand. April 2011 and the Orient Explorer began surveying off the east coast of New Zealand's North Island. Greenpeace protestors, in opposition to the deal between the New Zealand government and Petrobras, attempted to halt the work by swimming in front of the survey ship. Local Maori felt the risk to the local waters and fish stocks, should oil be found and drilling go ahead, was too high a price and that better consultation with local people was required.
Petrobras in popular culture
- Petrobras maintains a high budget to fund Brazil's cultural production, such as films, theatre plays and scholarly works. It is the largest sponsor of culture in Brazil since the 1990s.
- 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 currently sponsors River Plate in Argentina.
- Petrobras is the main sponsor of the 2011 Chilean Primera División season.
- Petrobras was a secondary sponsor for the AT&T WilliamsF1 Team from 1998 to 2008.
- History of Brazil (1945-1964)
- Ethanol fuel in Brazil
- Petrobras 36 Oil Platform
- Tupi oil field
- Walter K. Link
- "2010 Form 10-K, Petróleo Brasileiro S.A.". Hoover's. http://www.hoovers.com/company/PETR%d3LEO_BRASILEIRO_SA_-_PETROBRAS/cryhki-1-1njea5.html.
- Brazilian government boosting Petrobras stake to 64 percent France 24. Retrieved on 2010-10-15.
- Petrobras Group
- Petrobras - Investor Relations
- Latin Business Chronicle
- http://notibiz.notiemail.com/noticias.asp?leng=en&id=2037 Notibiz
- Hora do Povo(Portuguese)
- Capitalização da Petrobras Veja.com
- Blog Planalto
- Nunca antes na história da humanidade
- "Capitalização da Petrobras foi a maior da história da humanidade"
- Source: 09-April 2011 - "Governance - Capital Ownership" at Petrobras Investor Relation Site
- Lula inaugura a maior plataforma de petróleo do Brasil
- Brazilian Right Whale Project
- Instituto Baleia Jubarte
- "The World's Biggest Public Companies List — Forbes". http://www.forbes.com/global2000/list?industry=All&state=All&country=All.
- OTC Distinguished Achievement Awards for Companies, Organizations, and Institutions
- Petrobras sets oil production record
- "Petrobras capta R$ 120,4 bi com ações". http://www1.folha.uol.com.br/mercado/803932-petrobras-capta-r-1204-bi-com-acoes.shtml.
- "Petrobras raises $70bn in world's largest share offer". London: Guardian. September 24, 2010. http://www.guardian.co.uk/business/2010/sep/24/petrobras-70bn-worlds-largest-share-offer.
- Saiba o tamanho da Petrobras na economia da Bolívia, e a importância da Bolívia para a Petrobras - 02/05/2006 - EFE - Economia
- Folha Online - Dinheiro - Acordo com Bolívia garante rentabilidade para Petrobras, diz Silas - 29/10/2006
- Microsoft PowerPoint - Petrobras and Biofuels - May 2007.ppt
- "Petrobras desequilibrou Ibovespa, que fechou em baixa" (in Portuguese). infomoney.com.br. 2008-06-19. http://web.infomoney.com.br//templates/news/view.asp?codigo=1180582&path=/investimentos/. Retrieved 25 June 2010.
- (in Portuguese) Petrobras desequilibrou Ibovespa, que fechou em baixa. infomoney.com.br. 2008-06-19. Event occurs at 1:25. http://web.infomoney.com.br//templates/news/view.asp?codigo=1180582&path=/investimentos/. Retrieved 25 June 2010. "PETR4 R$ 43,90"
- de Souza Ribeiro, Rafael (2008-06-19). "Petrobras: perda de suporte pode levar ações preferenciais aos R$ 43,00" (in Portuguese). http://web.infomoney.com.br/templates/news/view.asp?codigo=1176371&path=. Retrieved 25 June 2010.
- InfoMoney: JPMorgan Chase rebaixa recomendação do Brasil para underweight
- "Petróleo mostra que 'Deus pode mesmo ser brasileiro'". BBC Brasil. 2007-11-16. http://oglobo.globo.com/economia/mat/2007/11/16/327191975.asp. Retrieved 2008-05-26.
- "Global 500 2007 accounts" (pdf). Financial Times. 2007-07-29. http://media.ft.com/cms/ac6bbb8c-2baf-11dc-b498-000b5df10621,dwp_uuid=95d63dfa-257b-11dc-b338-000b5df10621.pdf. Retrieved 2008-05-26.
- Duffy, G (2008-01-22). "'Huge' oil field found off Brazil". BBC News. http://news.bbc.co.uk/2/hi/americas/7201744.stm. Retrieved 2008-05-26.
- "Brazil Finds New Huge Oilfield, Possibly World's Third Largest". Brazzil Mag. 2008-04-14. http://www.brazzilmag.com/component/content/article/59/9245-brazil-finds-new-huge-oilfield-possibly-worlds-third-largest.html. Retrieved 2008-05-26.
- WJS, May 19, 2009
- Petrobras 2006 20-f, item 4, p 26 via Wikinvest
- Petrobras descobre petróleo leve no Espírito Santo
- Petrobras encontra petróleo em área de novas fronteiras na Bacia de Santos
- Petrobras Brazil finds light oil in Campos Basin
- PETROBRAS ACHA ÓLEO LEVE NO PRÉ-SAL DA BACIA DE CAMPOS
- Petrobras faz nova descoberta de óleo leve na bacia de Santos
- Petrobras confirma que óleo encontrado em Xerelete é viável comercialmente
- Petrobras confirma descoberta de petróleo leve na bacia de Santos
- Petrobras anuncia a descoberta de poço de óleo leve na Bacia de Santos
- Petrobras descobre grande jazida de gás na bacia de Santos
- Petrobras anuncia descoberta de óleo leve na bacia de Santos
- Petrobras anuncia nova descoberta na Bacia de Santos
- Petrobras anuncia descoberta de petróleo no mar do Espírito Santo
- Petrobras descobre óleo leve na bacia de Campos
- Estatal faz segunda descoberta de óleo em Santos
- Petrobras Hits 1.5-2 Billion Barrels at Pre-Salt Levels
- Petrobras informa descoberta na bacia do Jequitinhonha
- Petrobras anuncia descoberta de reserva de gás na bacia de Santos
- Corcovado-1, Santos Basin, offshore Brazil, encounters hydrocarbons
- Petrobras anuncia descoberta de óleo leve na Bacia de Campos
- Press Release: Important Gas and Condensate field discovered in the Pre-Salt layer
- New Oil Accumulation Discovered in the Santos Basin Pre-Salt Layer
- Dril-Quip wins $180 million contract Tradingmarkets.com, June 2 2009
- InfoMoney: Reação às descobertas da Petrobras é posta em xeque, e compromete rumo da ação
- Roberto Pereira (2008-05-24). "Reaction to Petrobras' Discoveries Undertakes the Share's Future". InfoMoney.com. http://web.infomoney.com.br/templates/news/view.asp?codigo=1129571&path=/investimentos/noticias/. Retrieved 2008-06-01.
- Portuguese: Petrobras Press release (2007-01-30). "Petrobras é 8ª empresa de petróleo com ações em bolsa". Petrobras. http://www2.petrobras.com.br/portal/frame.asp?pagina=/ri/port/Noticias/Noticias/Index.asp&lang=pt&area=ri. Retrieved 2008-05-26.; "English". http://www2.petrobras.com.br/portal/frame_ri.asp?pagina=/ri/ing/index.asp&lang=en&area=ri.
- Management And Excellence
- "Petrobras is a "transparency reference" in the oil sector". 2008-04-29. http://www.agenciapetrobrasdenoticias.com.br/en_materia.asp?id_editoria=8&id_noticia=4824. Retrieved 2008-05-29.
- WTR Industry Awards 2008
- Untitled Document
- "Petroleum exploration permit for Brazilian company". 3 News. 2010-06-02. http://www.3news.co.nz/Petroleum-exploration-permit-for-Brazilian-company/tabid/419/articleID/158860/Default.aspx. Retrieved 2011-04-13.
- "Govt calls for calm after Greenpeace disrupts oil tests". 3 News. 2011-04-11. http://www.3news.co.nz/Govt-calls-for-calm-after-Greenpeace-disrupts-oil-tests/tabid/1160/articleID/206361/Default.aspx. Retrieved 2011-04-13.
- "Petrobras protests continue". RadioLIVE. 2011-04-13. http://www.radiolive.co.nz/Petrobras-protests-continue/tabid/506/articleID/19696/Default.aspx. Retrieved 2011-04-13.
- Petrobras - Memória Cultural (Portuguese)
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cs:Petrobras de:Petrobras et:Petrobras es:Petrobras fa:پتروبراس fr:Petrobras ko:페트로브라스 id:Petrobras it:Petrobras he:פטרוברז lt:Petrobras nl:Petrobras ja:ペトロブラス no:Petrobras nn:Petrobras pl:Petrobras pt:Petrobras ro:Petrobras ru:Petrobras fi:Petrobras sv:Petrobras tr:Petrobras uk:Petrobras zh:巴西石油