Entity

Petrobras, officially known as Petróleo Brasileiro S.A., is a Brazilian majority state-owned multinational corporation and one of the world’s largest oil and gas companies. Headquartered in Rio de Janeiro, Petrobras was founded in 1953 by the Brazilian government under President Getúlio Vargas, with the initial goal of achieving national self-sufficiency in oil and gas production.

Core Activities and Structure

• Petrobras operates as an integrated energy company, with activities spanning the entire oil and gas value chain: exploration, production, refining, transportation, marketing, and distribution.
• The company is particularly renowned for its expertise in deepwater and ultra-deepwater oil exploration and production, a result of decades of investment in offshore technology and research.
• It also has significant operations in petrochemicals, renewables, and biofuels, and is increasingly focused on sustainable practices and reducing carbon emissions.

Market Position and Operations

• Petrobras is the dominant player in Brazil’s oil and gas sector, accounting for over 90% of the country’s crude oil output and owning the majority of its refining capacity.
• Internationally, the company has a presence in 16 to 18 countries across Africa, the Americas, Europe, and Asia, though Brazil remains the core of its production and reserves.
• In 2023, Petrobras produced approximately 2.2 million barrels of oil per day, with most of its reserves and production concentrated in offshore pre-salt fields, such as the Campos and Santos Basins.