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Concept
Petrobras
Summary
Petróleo Brasileiro S.A., better known by the portmanteau Petrobras (ˌpɛtɾoˈbɾas, pet-), is a state-owned 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 #181 in the most recent Fortune Global 500 list. In the 2020 Forbes Global 2000, Petrobras was ranked as the 65th-largest public company in the world.
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"). It was given a legal monopoly in Brazil. In 1953, Brazil produced only 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 1968, the company established Petrobras Quimica S.A ("Petroquisa"), a subsidiary focused on petrochemicals and the conversion of naphtha into ethene.
Petrobras had begun processing oil shale in 1953, developing the Petrosix technology for extracting oil from oil shale. It began using an industrial-size retort to process shale in the 1990s. In 2006, Petrobras said that their industrial retort could process 260 tonnes/hour of oil shale.
In 1994, Petrobras put the Petrobras 36, the world's largest oil platform, into service. 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 competition in Brazil's oilfields, and also created the national petroleum agency, Agência Nacional do Petróleo (ANP), responsible for the regulation and supervision of 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, ending the company's monopoly.
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