Petroleo Brasileiro SA

(NYSE: PBR)

Industry: Integrated Oil & Gas
On the web: http://www.petrobras.com.br
Employees: 74,240

Petroleo Brasileiro S.A. was incorporated in 1953. It was formed to conduct the Brazilian government's hydrocarbon activities. It began operations in 1954 and for approximately forty years carried out crude oil and natural gas production and refining activities in Brazil on behalf of the government. It is an integrated oil and gas company in Brazil and in Latin America who is the supplier of crude oil and oil products. In Latin America, its operations extend from exploration and production to refining, marketing, retail services and natural gas pipelines. In North America, it produces oil and gas and has refining operations in the United States. In Africa, it produces oil in Angola and Nigeria, and in Asia, it has refining operations in Japan. In other countries, it is engaged only in oil and gas exploration. Its activities comprise five business segments: Exploration and Production: oil and gas exploration, development and production in Brazil Supply: downstream activities in Brazil, including refining, oil products and crude oil exports and imports, petrochemicals and fertilizers Distribution: distribution of oil products to wholesalers and through its ‘BR' retail network in Brazil Gas and Energy: gas transmission and distribution, electric power generation using natural gas and renewable energy sources and biofuels operations in Brazil and International: exploration and production, supply (downstream activities including refining, petrochemicals and fertilizers), distribution and natural gas and energy operations outside of Brazil. The Company conducts exploration, development and production activities in Brazil through concession contracts, which it obtains through participation in bid rounds conducted by the ANP. Its domestic oil and gas exploration and production efforts are mainly focused on three basins offshore in Southeastern Brazil: Campos, Espirito Santo and Santos. It produces hydrocarbons and hold exploration acreage in eight other basins in Brazil. Its petrochemicals operations provide a growing market for the crude oil and other hydrocarbons it produces increase its value added and provide domestic sources for products that would otherwise be imported. Its natural gas business comprises three activities: transportation (building and operating natural gas pipeline networks in Brazil) equity participation in distribution companies that sell natural gas to end-users and commercialization (purchase and resale). PifCo was incorporated in order to facilitate and finance the import of crude oil and oil products by the Company into Brazil, and has been its wholly owned subsidiary since 2000. Under Brazilian law, the Brazilian government owns all crude oil and natural gas reserves in Brazil.

abbr. river patrol boat.

See the Introduction, Abbreviations and Pronunciation for further details.