Petrobras
Brazilian majority state-owned integrated energy company and a global leader in deepwater and pre-salt oil production.
Last updated November 4, 2026
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Overview
Petrobras, formally Petróleo Brasileiro S.A., is a Brazilian majority state-owned multinational energy company headquartered in Rio de Janeiro. Established in 1953 under President Getúlio Vargas, it was created to develop Brazil’s petroleum resources under the nationalist slogan “The Oil Is Ours.” For much of its early history, Petrobras operated under a legal monopoly over Brazil’s petroleum industry. Although market liberalization ended that monopoly in the late 1990s, the company remains strategically important to Brazil and continues to be controlled by the federal government through voting shares. The company’s integrated business spans exploration and production, refining, transportation, logistics, trading, fuel marketing, natural gas, liquefied natural gas, electricity generation, petrochemicals, lubricants, biofuels and related energy services. Its main competitive strength is offshore production, particularly in the Campos and Santos basins. Petrobras developed specialized technologies for operating in increasingly deep waters and became one of the world’s most prominent producers from Brazil’s pre-salt reservoirs, located beneath thick layers of salt in the Atlantic Ocean. These fields transformed Brazil’s petroleum outlook and became central to the company’s capital allocation and production strategy. Petrobras also operates a substantial Brazilian refining and distribution system. Its assets include refineries, pipelines, terminals, marine logistics, fuel trading activities and natural-gas infrastructure. Products associated with the brand include crude oil, gasoline, diesel, aviation fuel, liquefied petroleum gas, lubricants, asphalt, petrochemicals, natural gas, electricity and biofuel-related products. The company has historically maintained international operations, although it reduced its overseas footprint during a portfolio-concentration program and completed exits from several markets, including Africa, Chile, Paraguay and Uruguay. The company’s history has included major technological achievements and severe financial and governance challenges. It reached important production milestones, discovered large offshore fields and completed major capital-market transactions. At the same time, fuel-price controls, heavy borrowing, project overruns and the Operation Car Wash corruption investigation placed substantial pressure on its finances and reputation during the 2010s. Petrobras paid large settlements and recognized impairment and corruption-related charges while restructuring its portfolio and balance sheet. Since then, management priorities have included debt reduction, operational efficiency, pre-salt growth, refining investments and a stated interest in lower-carbon businesses, while continuing to balance commercial objectives with Brazil’s public-policy interests. Petrobras shares trade in Brazil and the United States through American depositary receipts. The company is among Brazil’s most economically significant corporations and is an internationally recognized deepwater oil producer. Its present identity combines national strategic importance, technically sophisticated offshore operations, an integrated downstream network and ongoing debate over the role of a state-controlled oil company in the energy transition.
History
Petrobras was created in 1953 during the government of Getúlio Vargas as Brazil’s national petroleum company. Its formation reflected a strong nationalist movement that regarded domestic control of oil resources as essential to economic development. The company initially held a legal monopoly and was expected to build capabilities across exploration, production, refining and distribution. Brazil’s petroleum output was modest at the time, so Petrobras had to develop both the industrial infrastructure and technical expertise required by a growing economy. The company expanded its downstream and research capabilities during the 1960s. The REDUC refinery near Rio de Janeiro began operating in 1961, while the Cenpes research center opened in 1963. Cenpes became a major center for petroleum and energy research. Petrobras also established Petroquisa in 1968 to develop petrochemicals and process naphtha into basic chemical products. Alongside conventional petroleum activity, the company worked on oil-shale processing and developed Petrosix technology. Offshore exploration became increasingly important after geological work suggested that Brazil’s most promising resources lay beneath the continental shelf. Petrobras discovered fields in the Recôncavo Baiano and Carmópolis areas in the 1960s and found a major field in the Campos Basin in 1974. The Campos discovery helped the company recover from the economic effects of the 1973 oil crisis and established offshore development as a central national strategy. The government temporarily permitted foreign companies to participate in exploration in 1975, although Petrobras remained the dominant operator. Petroleum-sector reform accelerated in the 1990s. Law 9.478, approved in 1997, ended Petrobras’s statutory monopoly and created the Agência Nacional do Petróleo and the National Council of Energy Policies. Competition entered Brazilian oil licensing, and agreements signed in 1999 formally ended the company’s monopoly. Petrobras nevertheless retained a powerful position because of its technical expertise, infrastructure and knowledge of Brazil’s offshore geology. During the late 1990s and 2000s, Petrobras set deepwater records, reached a production level of one million barrels per day in 1997 and expanded outside Brazil. It acquired Argentina’s Perez Companc Energía in 2002, entered international partnerships and reached two million barrels of oil-equivalent daily production in 2003. Discoveries announced in 2007 and 2008, including Tupi, Jupiter and Sugar Loaf in the Santos Basin, revealed the scale of Brazil’s pre-salt potential. The company subsequently directed enormous investment toward offshore platforms, subsea systems and production infrastructure. In 2006, production from the P-50 platform helped Brazil achieve oil self-sufficiency on the measure reported at the time. The 2010s brought both expansion and strain. Petrobras completed a US$70 billion share offering in 2010 to finance development of the newly discovered fields. However, government fuel-price policies, ambitious investment programs, foreign-currency borrowing and project difficulties increased financial pressure. By 2015, the company was described as carrying approximately US$128 billion in debt. The Operation Car Wash investigation, which began as a money-laundering inquiry and expanded into allegations involving Petrobras contracts, exposed serious governance problems and led to corruption-related charges, asset impairments, settlements and management changes. The scandal damaged the company’s reputation and contributed to a major reassessment of procurement, controls and capital allocation. Petrobras later pursued asset sales and a more focused portfolio. It sold or exited operations in several countries, including Chile, Colombia, Peru, Paraguay and Uruguay, and completed its exit from Africa in 2020. These disposals supported debt reduction and concentrated capital on Brazil’s most productive offshore assets. The company continued to expand pre-salt output while managing refining, gas and power activities. In 2022 it reported its highest historical net profit according to the referenced account, alongside exceptionally large dividend distributions. In 2023 it announced a new agreement for offshore intervention and digitalization services with Weatherford and resumed construction work related to the Abreu e Lima refinery. Petrobras remains a strategically important, publicly traded but state-controlled company whose future involves both continued oil and gas production and a developing debate about refining, energy security, decarbonization and lower-carbon investment.
- 2023
Abreu e Lima construction resumes
[1]Petrobras announces renewed construction of a production line at the Abreu e Lima refinery in Pernambuco.
- 2022
Record profit reported
[1]Petrobras reports a record annual net profit of R$188.3 billion for 2022, as stated in the reference material.
- 2020
African operations exit completed
[1]Petrobras states that it has completed the sale of its remaining African business interest.
- 2014
Operation Car Wash allegations emerge
[3]A major Brazilian corruption investigation expands to allegations involving Petrobras contracts and intermediaries.
- 2010
Large share offering completed
[1]Petrobras completes a US$70 billion share offering to finance development of newly discovered offshore fields.
- 2007
P-52 platform is inaugurated
[1]Petrobras inaugurates the P-52 platform, described in the reference material as one of the world’s largest oil platforms.
- 2007
Major Santos Basin discoveries announced
[1]Petrobras and partners announce major discoveries including Tupi in Brazil’s pre-salt Santos Basin.
- 2006
Brazil reaches reported oil self-sufficiency
[1]Production from the P-50 platform at the Albacora-Leste field contributes to Brazil’s reported achievement of oil self-sufficiency.
- 2002
Perez Companc acquisition
[1]Petrobras acquires Argentina-based Perez Companc Energía and associated regional assets.
- 1997
Brazil ends Petrobras’s statutory monopoly
[1]Law 9.478 opens Brazil’s petroleum sector to competition and establishes national petroleum regulators.
Products and positioning
Brazil’s strategic, state-controlled integrated energy company and a technology leader in deepwater petroleum production.
Upstream · 1953
Crude oil
Crude oil is Petrobras’s core upstream output. The company explores for, develops and produces oil in Brazilian onshore and offshore areas, with the largest strategic emphasis on deepwater and pre-salt reservoirs in the Campos and Santos basins.
Gas and power · 1953
Natural gas
Petrobras produces, processes, transports and trades natural gas associated with its oil fields and supplied through Brazil’s gas infrastructure. Its gas activities also connect upstream production with industrial, power-generation and LNG markets.
Refining and marketing · 1961
Refined petroleum products
The company’s refineries convert crude oil into gasoline, diesel, aviation fuel, liquefied petroleum gas, asphalt and other products. Refining and logistics have historically been central to Petrobras’s integrated Brazilian business model.
Lubricants
Lubrax
Lubrax is Petrobras’s lubricant brand, associated with automotive, industrial and other lubricant applications. The brand has also been licensed in some markets where Petrobras sold distribution operations.
Biofuels
Biofuels
Petrobras has participated in biodiesel and ethanol-related activities, including production, trading, equity investments and the commercialization of products associated with sugarcane processing and biodiesel coproducts.
Controversies
2014
Operation Car Wash and Petrobras corruption case
Operation Car Wash investigated allegations that Petrobras executives and intermediaries accepted bribes connected with contracts awarded to construction companies at inflated prices. The investigation led to criminal proceedings, corporate settlements, impairments, political fallout and reforms to controls and governance.
Marketing campaigns
- 1953The Oil Is Ours
Brazil
The nationalist campaign associated with Petrobras’s creation argued that Brazil’s petroleum resources should be developed under national control. Its slogan became closely identified with the company’s founding purpose and early monopoly.
Outcome. Helped establish the political and institutional basis for Petrobras.
Brand decisions
2023
Resume Abreu e Lima refinery expansionProduct launchBackground
Petrobras announced renewed construction of a production line at the Abreu e Lima refinery in Pernambuco.
Action taken
The company resumed work on the refinery project, intended to process heavy crude from the pre-salt region.
Aftermath
The project reinforced the company’s continuing interest in domestic refining and integration between upstream production and downstream capacity.
2023
Expand offshore intervention digitalizationStrategyBackground
Petrobras sought offshore intervention services and tools to improve well-construction and production operations.
Action taken
It entered a five-year agreement with Weatherford International involving offshore intervention and the Centro digital platform.
Aftermath
The agreement supported Petrobras’s use of digital tools in offshore operations.
2010
Finance pre-salt development through a major share offeringOtherBackground
Petrobras required substantial capital to develop newly discovered deepwater and pre-salt resources.
Action taken
The company completed a reported US$70 billion share offering.
Aftermath
The offering provided capital for offshore-field development but was followed by a period of high investment, borrowing and financial pressure.
Share offering. US$70 billion (2010)
1997
Accept competition in Brazil’s petroleum sectorStrategyBackground
Brazilian petroleum legislation ended Petrobras’s statutory monopoly and created new regulatory institutions.
Action taken
Petrobras continued operating in the sector while competing with domestic and international oil companies under the new licensing regime.
Aftermath
The company remained Brazil’s dominant operator but no longer held an exclusive legal position.
Recent events
- Unconfirmed
Petrobras approves sale of Potiguar assets[4]
Petrobras said it had approved the sale of its entire stake in 22 onshore and shallow-water production-field concessions in the Potiguar Basin to 3 R Potiguar SA. The estimated sale value was US$1.38 billion and included related infrastructure.
Reported
Petrobras announces $68 billion investment plan[5]
Petrobras said it expects to invest $68 billion from 2022 to 2026, with 84% allocated to oil and gas exploration and production.
Petrobras signs contract to sell SIX to Forbes & Manhattan Resources[6]
Petrobras signed a contract to sell its Shale Industrialization Unit (SIX) to Forbes & Manhattan Resources for $33 million. The transaction was still subject to approval by Brazil's antitrust regulator CADE.
Reported
Petrobras' Bolivian unit ordered to pay $61.1 million over land dispute[7]
Petrobras said its Bolivian unit was ordered to pay a $61.1 million fine in a land-ownership dispute concerning the San Alberto block. Petrobras said it appealed and expected the court to reverse the decision.
Reported
Petrobras cuts five-year investment plan[8]
Petrobras cut its five-year investment plan by 27% from a year earlier to $55 billion, saying it aimed to preserve cash.
Reported
Petrobras launches Mais Valor supplier finance platform[9]
Petrobras launched the Mais Valor platform, allowing its direct suppliers to seek early payment of invoices through partner banks at competitive rates.
Reported
Petrobras cuts refinery gasoline and diesel prices[10]
Petrobras reported that it reduced gasoline prices by 9.5% and diesel prices by 6.5% at refineries in all markets.
Reported
Petrobras announces 3% gasoline price increase[11]
Petrobras announced that gasoline would become 3% more expensive at its refineries beginning February 20, 2020; diesel prices were not adjusted.
Petronas completes acquisition of stakes in two Brazilian offshore fields[12]
Petronas subsidiary PPBL completed the acquisition of a 50% equity interest in the Tartaruga Verde producing field and Module III of the Espadarte field offshore Brazil. Petrobras retains the remaining 50% equity and is the operator.
Reported
Petrobras acquires interests and rights in Búzios and Itapu[13]
In Brazil’s Transfer of Rights auction, Petrobras acquired operatorship and a 90% interest in the Búzios field, as well as 100% of the exploration and production rights for the Itapu field surplus volume. CNODC Brasil Petróleo e Gás Ltda. and CNOOC Petroleum Brasil Ltda. each acquired a 5% stake in Búzios.
Sources17 sources
- 1Petrobrasen.wikipedia.org
- 2Petrobras official websitepetrobras.com.br
- 3Operation Car Washen.wikipedia.org
- 4Petrobras 批准出售 Potiguar 资产naturalgasworld.com
- 5巴西石油宣布680亿美元投资计划oedigital.com
- 6Petrobras签署合同，将SIX出售给Forbes & Manhattan Resourceshydrocarbonprocessing.com
- 7Petrobras玻利维亚子公司因土地纠纷被判支付6110万美元financialpost.com
- 8巴西石油下调五年投资计划energy.economictimes.indiatimes.com
- 9Petrobras推出Mais Valor供应商融资平台riotimesonline.com
- 10巴西国家石油公司下调炼厂汽油和柴油价格riotimesonline.com
- 11Petrobras宣布汽油价格上调3%riotimesonline.com
- 12Petronas完成收购巴西两个海上油田权益theedgemalaysia.com
- 13巴西国家石油公司收购布济乌斯和伊塔普油田权益及权利offshore-mag.com
- 14巴西国家石油公司与迈凯伦结束技术合作与赞助关系riotimesonline.com
- 15Brazil's Petrobras announces natural gas sales prices hike of 39% for distributorsriotimesonline.com
- 16Petrobras Cuts Gasoline Price by 15 Percent at Refineries Starting Wednesdayriotimesonline.com
- 17Petrobras Reduces Refinery Prices of Gasoline and Diesel Starting Todayriotimesonline.com
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