Petrobras

Petrobras, formally Petróleo Brasileiro S.A., is a Brazilian multinational integrated energy company. It is state-controlled, with the Brazilian government as its principal shareholder, and one of the largest oil and gas companies in the world by production and reserves. Headquartered in Rio de Janeiro, the company operates across the oil and gas value chain, including exploration and production, refining, logistics, distribution, and petrochemicals, as well as investments in biofuels and renewable energy.

Founded in 1953 to consolidate Brazil's oil industry under state control, Petrobras expanded into a vertically integrated national champion with growing offshore exploration and refining capacity. The discovery of large offshore pre-salt fields in the 2000s reshaped its asset base and Brazil's energy outlook. In the 2010s, it faced a major corruption probe and debt buildup leading to governance reforms and leadership changes.

Petrobras is a mixed-capital company with government control over strategic decisions; shares are publicly traded on the B3 exchange and in American depository receipts. Governance is overseen by a board of directors, with executive leadership appointed in part by the state and subject to regulators and shareholders.

Upstream focuses on offshore exploration and production, including pre-salt reservoirs. Downstream covers refining, fuel distribution, and logistics, along with petrochemicals. The company also invests in natural gas, power generation, and renewable fuels. It operates primarily in Brazil but maintains international operations through subsidiaries and partnerships.

Petrobras is a cornerstone of Brazil's energy security and economy, subject to regulatory oversight and political considerations. It has undergone restructuring to reduce debt, improve governance, and navigate volatile oil markets, environmental safeguards, and anti-corruption measures.