Petrobras - wikipedia Petrobras Not to be confused with Petronas. Petróleo Brasileiro S.A. -- Petrobras Type Sociedade Anônima / Traded as BM&F Bovespa : PETR3, PETR4 NYSE : PBR, PBR. A BMAD : XPBR, XPBRA BCBA : APBR FWB : PJXB Industry Petroleum industry Founded 1953 ; 64 years ago ( 1953 ) Headquarters Rio de Janeiro, Brazil Area served Worldwide Key people Pedro Parente ( CEO ) Ivan de Souza Monteiro ( CFO ) Products Petroleum Petroleum products natural gas lubricant petrochemicals fertilizers biofuels Production output 2.3 million barrels of oil equivalent ( 14,000,000 GJ ) per day Revenue US $ 87.0 billion ( 2016 ) Operating income - US $ 8.3 billion ( 2016 ) Net income - US $ 3.9 billion ( 2016 ) Total assets US $ 181.9 billion ( 2016 ) Total equity US $ 77.6 billion ( 2016 ) Owner Brazilian Government ( 64 % ) Number of employees 80,908 ( 2014 ) Subsidiaries Petrobras Distribuidora Transpetro Petrobras Argentina Braskem Website www.petrobras.com.br 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. The company was ranked # 58 in the most recent Fortune Global 500 list. Contents 1 Current operations 1.1 Business areas 1.2 Production and reserves 1.3 International investments 1.4 Ownership 1.5 Corporate social responsibility 2 History 2.1 Corporate milestones 2.2 Production 2.3 Operation Car Wash and related protests in Brazil 2.4 Environmental record 2.4. 1 Oil spills 3 Petrobras in popular culture 4 See also 5 References 6 External links Current operations Petrobras headquarters in downtown Rio de Janeiro. Business areas The company operates in six business areas, listed in order of revenue : Refining, transportation and 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 and 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, when the company had 8,112.8 million barrels of oil equivalent ( 4.9633 × 10 GJ ) of proved developed reserves and 4,599.7 million barrels of oil equivalent ( 2.8140 × 10 GJ ) of proved undeveloped reserves in Brazil. Of these, 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. In 2015, the company produced 2.284 million barrels of oil equivalent ( 13,970,000 GJ ) per day, of which 89 % was petroleum and 11 % was natural gas. International investments Petrobras ' global oil exploration, as shown in December 2006 with a total of 243,292 BOED Refinery in Cochabamba, Bolivia, which was nationalized by the Bolivian government in 2007 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 company also owns exploration blocks in the Gulf of Mexico and through joint ventures has production in Nigeria, Benin, Gabon, and Namibia. Ownership The Brazilian government directly owns 54 % of Petrobras ' common shares with voting rights, while the Brazilian Development Bank and Brazil 's Sovereign Wealth Fund ( Fundo Soberano ) each control 5 %, bringing the State 's direct and indirect ownership to 64 %. The privately held shares are traded on BM&F Bovespa, where they are part of the Ibovespa index. Corporate social responsibility Petrobras is a major supporter of the arts in Brazil. History Petrobras ' financial growth between 2002 and 2006 Petrobras standard model for its land oil pump, popularly known as Wooden Horse ( Cavalo de Pau in Portuguese ) in UFRN, Natal, Brazil. Skyscraper hosting Petrobras ' offices in Paulista Avenue, São Paulo. Corporate milestones Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with 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 opened in Rio de Janeiro ; it remains one of the world 's largest centers dedicated to energy research. In 1967, the company established Petrobras Quimica S.A ( `` Petroquisa '' ), a subsidiary focused on petrochemicals and the conversion of naphtha into ethene. Petrobras had begun began processing oil shale in 1953, developing the Petrosix technology for extracting oil from oil shale but began using an industrial - size retort to process shale in the 1990s. In 2006, Petrobras said that the industrial retort had the capacity to process 260 tonnes / hour of oil shale. In 1994, Petrobras put into service the Petrobras 36, the world 's largest oil platform. It sank after an explosion in 2001 and was a complete loss. In 1997, the government approved Law N. 9.478, which broke Petrobras 's monopoly and allowed competitors to develop Brazil 's oilfields, and 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 public energy policy. In 1999, the National Petroleum Agency signed agreements with other companies, making the final end of the company 's monopoly. In 2000, Petrobras set 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 Group ( es ) and its family foundation for $1.18 billion. This acquisition included assets in Argentina, Brazil, Venezuela, Bolivia, Peru, and Ecuador, 1.1 billion barrels of crude oil reserves and production of 181 thousand barrels of oil equivalent ( 1,110,000 GJ ) per day. In 2005, Petrobras announced a joint venture with Nippon Alcohol Hanbai to sell ethanol from Brazil to Japan, called Brazil - Japan Ethanol. On 21 April 2006, the company started production on the P - 50 oil platform in the Albacora East field at Campos Basin, which made Brazil self - sufficienct in oil production. By November 2015, the company had accumulated $128 billion in debt, 84 % of it denominated in foreign currencies. Production 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 baiano ( pt ) 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 into 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 m ) per day. The company also executed agreements with other Latin American governments and began operations outside Brazil. In 2003, on its 50 - year anniversary, Petrobras surpassed 2 million barrels of oil equivalent ( 12,000,000 GJ ) of daily production. 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 royalty payments from foreign petroleum companies to 82 %, but eventually settled 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. Oil platform P - 51, the first 100 % Brazilian oil platform The P - 51 Platform, the first semisubmersible platform built entirely in Brazil, capable of producing up to 180,000 barrels of oil per day, started production in the Campos Basin in January 2009, and in February 2009, China agreed to loan Petrobras US $10 billion in exchange for a supply of 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 August 2009, Petrobras acquired ExxonMobil 's Esso assets in Chile for US $400 million. In September 2010, Petrobras completed a US $70 billion share offering, the largest share offering in history, to be used to develop newly discovered oil fields. In 2012, Petrobras handed back permits that it had to explore offshore in New Zealand. In July 2013, a worker strike action shut down production at several of the company 's oil platforms. In September 2013, Petrobras sold eleven onshore exploration and production blocks in Colombia to Perenco for US $380 million. In September 2013 Organizações Globo reported on national televisionthat the US government had been spying on Petrobras. This 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 company sold its assets in Peru to PetroChina for US $2.6 billion. Also in 2014, Petrobras set a new company record for average daily production of 2.863 million barrels of oil equivalent ( 17,520,000 GJ ). Operation car wash and related protests in Brazil Main article : Operation Car Wash Main article : 2015 protests in Brazil In 2014, the largest corruption scandal in the history of Brazil, centered around Petrobras, was uncovered. Initially the investigation was not focused on Petrobras executives but rather small time doleiros, or black market money dealers. These money launderers tended to use small business to carry out their business but the investigation discovered links to an executive at Petrobras, Paulo Roberto Costa, the director of refining and supply. President Dilma Rousseff made one critical change in policy, the introduction of plea bargains, that made it possible to offer deals in exchange for information leading to further arrests. It was a defining moment as to the future of the investigation. Costa later confessed that he and his colleagues had been knowingly overpaying contracts, funneling funds to their own personal accounts. Paulo Costa receive kickbacks of 3 % of all contacts. 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 in return for bribes and kickbacks. Petrobras officials pegged the total of all bribes at nearly $3 billion. As of August 2015, 117 indictments had been issued, five politicians arrested, and criminal cases brought against 13 companies. Brazilian president Dilma Rousseff, who had promised to reduce corruption in her election campaign, and former Brazilian president Luiz Inácio Lula da Silva both served on the board of directors of Petrobras during the scandals and were both blamed, as well as the president of the lower house, Eduardo Cunha. Cunha was sentenced in March 2017 to 15 years in prison. Protests broke out through the country calling for the resignation or impeachment of President Rousseff. There were 3.5 million protestors throughout the country and the protests popped up in about 326 cities. Calculations show that 100,000 citizens in Brasilia and 70,000 citizen in Curitiba come out to voice their disapproval. Protests were in areas previously though of as Workers Party strongholds, of which Rousseff is the leader. Rousseff was impeached and Lula was implicated in multiple corruption investigations. The scandal sparked protests in Brazil. The Bill and Melinda Gates Foundation sued Petrobras and its auditors, PriceWaterhouseCoopers as a result of the corruption scandal. Environmental record 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. Most notably, Petrobras has sponsored population studies and conservation efforts of humpback whales in the northeast. The company 's efforts have helped to rebuild Brazil 's humpback whale populations from 2,000 in the mid-nineties to over 9,000 in 2008. Petrobras subscribes to the United Nations Global Compact, a voluntary agreement which encompasses a set of principles regarding human rights, working conditions, corruption, and the environment. In 2008, the Spanish consultancy firm Management and Excellence acknowledged Petrobras as the world 's most sustainable oil company. Oil spills Major oil spills -- 1975 to 2001 Date Volume ( litres ) Location March 1975 6 million Guanabara Bay October 1983 1.5 -- 3 million Bertioga February 1984 700,000 Cubatão 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 18,000 Tramandaí 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. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. ( May 2016 ) 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. See also Brazil portal Companies portal Energy portal History of Brazil ( 1945 -- 1964 ) Eletrobras H - Bio Ethanol fuel in Brazil Petrobras 36 Oil Platform Petrosix Transpetro Tupi oil field Walter K. Link References ^ Jump up to : `` pbraform20f_2014. htm - Generated by SEC Publisher for SEC Filing ''. Retrieved 5 May 2016. Jump up ^ `` Petrobras ''. Petrobras. Retrieved 5 May 2016. Jump up ^ Brazilian government boosting Petrobras stake to 64 percent France 24. Retrieved on 2010 - 10 - 15. Jump up ^ `` Petrobras employee number 2009 - 2014 - Statistic ''. Statista. Retrieved 5 May 2016. Jump up ^ `` List of Subsidiaries ''. Retrieved 5 May 2016. Jump up ^ eddiegilman ( 20 July 2016 ). `` Petrobras ''. Fortune. Retrieved 30 August 2016. Jump up ^ Source : 09 -- April 2011 -- `` Governance -- Capital Ownership '' at Petrobras Investor Relation Site Jump up ^ `` Fostering Culture : We encourage the Arts and Culture - Petrobras ''. Petrobras. Retrieved 5 May 2016. Jump up ^ Bello ( 14 February 2015 ). `` Whose oil in Brazil ? ''. The Economist. ^ Jump up to : Peter Muello ( 21 April 2006 ). `` New Rig Brings Brazil Oil Self - Sufficiency ''. Washington Post. Associated Press. Jump up ^ Diana Kinch ( 26 December 2011 ). `` Petrobras halts some Reduc refinery ops after fire ''. Marketwatch.com. Jump up ^ `` Press Tour to the Petrobras Research and Development Center ( Cenpes ) on Monday, 30 June ''. Brazilian Government. 24 June 2014. Jump up ^ Bloomberg : Company Overview of Petrobras Quimica S.A. - Petroquisa Jump up ^ http://emd.aapg.org/members_only/oil_shale/oil_shale_110506.pdf Jump up ^ PETROSIX INDUSTRIAL PLANT IN OPERATION Jump up ^ `` Petrobras P - 36 ''. Retrieved 5 May 2016. ^ Jump up to : Andréa Novais ( 24 November 2011 ). `` Understand Petrobras ''. The Brazil Business. Jump up ^ `` Monopoly ends for Brazil 's Petrobras ''. Offshore Magazine. 1 November 1999. Jump up ^ Jonathan Wheatley ( 18 December 2000 ). `` Pumping Up Petrobras ''. Bloomberg L.P. Jump up ^ `` Petrobras to acquire control of Perez Companc ''. Oil and Gas Journal. 29 July 2002. Jump up ^ Ative Soluções. `` Japan - Petrobras ''. Retrieved 5 May 2016. Jump up ^ `` Petrobras 's Dangerous Debt Math : $24 Billion Owed in 24 Months ''. Bloomberg L.P. 18 November 2015. Jump up ^ Dott, Robert ( 2001 ). `` From the Archivists Corner - Linkages '' ( PDF ). The Outcrop : 14 -- 17. Jump up ^ `` The Alignment Factor ''. Retrieved 5 May 2016. Jump up ^ `` Campos Basin ''. Petrobras. Retrieved 5 May 2016. Jump up ^ James Brooke ( 7 November 1994 ). `` U.S. Oil and Gas Companies Test Waters in Brazil, Again ''. New York Times. ^ Jump up to : `` Now 50, Petrobras, the Brazilian National Oil Company, Has Aged Well ''. Wharton School of the University of Pennsylvania. 8 October 2003. Jump up ^ Christine Hauser ( 1 May 2006 ). `` Bolivia Nationalizes Natural Gas Industry ''. New York Times. Jump up ^ `` Petrobras scraps Bolivia project ''. BBC. 4 May 2006. Jump up ^ `` A hard bargain : Evo Morales deals and wins on gas ''. The Economist. 2 November 2006. Jump up ^ `` Petrobras starts production tests at P - 52 platform ''. Oil and Gas Journal. 26 November 2007. Jump up ^ `` The next oil giant ? ''. The Economist. 19 March 2009. Jump up ^ `` Petrobras ' P - 51 Kicks Off Production in the Campos Basin ''. RigZone. 26 January 2009. Jump up ^ Jonathan Wheatley ( 19 February 2009 ). `` Brazil to supply oil to China for loans ''. Financial Times. Jump up ^ Fábio Palmigiani ( 8 August 2008 ). `` Petrobras to acquire Esso assets in Chile for US $400 mn ''. BN Americas. Jump up ^ Peter Millard ( 24 September 2010 ). `` Petrobras Raises $70 Billion as Investors See Growth ''. Bloomberg L.P. Jump up ^ `` Brazilian oil giant Petrobras dumps NZ exploration permits ''. New Zealand Herald. 4 December 2012. Jump up ^ `` Petrobras Workers Strike, Shut Down Some Oil Platforms ''. Forbes Magazine. 25 July 2013. Jump up ^ `` Brazilian oil giant Petrobras dumps NZ exploration permits ''. New Zealand Herald. 4 December 2012. Jump up ^ Asher Levine ( 8 September 2013 ). `` U.S. government spied on Brazil 's Petrobras oil firm ''. Reuters. Jump up ^ Leahy, Joe ( 18 September 2013 ). `` Brazil 's Petrobras to invest heavily in data security ''. Financial Times. Jump up ^ Chen Aizhu and Judy Hua and Anthony Boadle ( 13 November 2013 ). `` Petrobras sells Peru unit to PetroChina / CNPC for $2.6 billion ''. Reuters. Jump up ^ `` Petrobras hits ' historical ' production record ''. Offshore Energy Today. 13 January 2015. ^ Jump up to : https://www.theguardian.com/world/2017/jun/01/brazil-operation-car-wash-is-this-the-biggest-corruption-scandal-in-history Jump up ^ http://www.bbc.com/news/business-30129184 Jump up ^ `` Brazil ex-speaker Eduardo Cunha jailed for 15 years ''. BBC. 30 March 2017. Retrieved April 28, 2017. Jump up ^ https://www.theguardian.com/world/2016/mar/13/brazil-anti-government-protests-dilma-rousseff-rio-de-janeiro Jump up ^ Brad Brooks ( October 10, 2016 ). `` Lula charged over Odebrecht Angola work in Brazil graft probe ''. Reuters. Retrieved April 28, 2017. Jump up ^ David Segal ( 7 August 2015 ). `` Petrobras Oil Scandal Leaves Brazilians Lamenting a Lost Dream ''. New York Times. Jump up ^ `` Bill Gates sues oil giant Petrobras and PwC over corruption scandal ''. The Telegraph. 25 September 2015. Jump up ^ `` Mapping to preserve ''. Retrieved 5 May 2016. Jump up ^ https://www.forbes.com/sites/kenrapoza/2015/08/18/maybe-petrobras-isnt-so-horrible-afterall/#6cbf154723dd Jump up ^ `` Petroleo Brasileiro SA - Petrobras -- 2015 Communication on Progress - UN Global Compact ''. Retrieved 5 May 2016. Jump up ^ `` Petrobras is the most sustainable oil company ''. T&B Petroleum. 22 February 2008. Jump up ^ `` 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 ) Jump up ^ https://omelete.uol.com.br/filmes/artigo/um-brasileiro-nas-pistas-de-speed-racer/ Jump up ^ https://www.jamesallenonf1.com/2014/02/williams-sign-deal-with-petrobras/ Jump up ^ http://esportes.estadao.com.br/noticias/futebol,flamengo-anuncia-fim-do-patrocinio-da-petrobras,349016 Jump up ^ http://www.dinochecker.com/dinosaurs/PETROBRASAURUS External links Wikimedia Commons has media related to Petrobras. Official website Petrobras ' News Agency Petrobras Magazine Ibovespa companies of Brazil AES Eletropaulo Ambev B3 Banco do Brasil BB Seguridade Bradesco Bradespar Braskem BRF BR Malls CCR CEMIG CESP Cielo Copel Cosan CPFL Energia CSN Cyrela Brazil Realty EcoRodovias EDP - Energias do Brasil Embraer ENGIE Brasil Equatorial Estácio Fibria Fleury S.A. 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Question: petrobas is the major oil company of what south american country
Answer: Brazil