This excerpt taken from the PBR 20-F filed Jun 30, 2005.
Summary and Strategy
In 2004, approximately 10.9% of our net revenues were generated outside Brazil. We seek to evolve from an integrated oil and gas company in Brazil to an energy industry leader in Latin America and a strong international player. Currently, we plan to focus our non-Brazilian exploration, development and production activities regionally, in areas where we can successfully exploit our competitive advantages, such as deepwater drilling. We particularly intend to drill off the west coast of Africa and the Gulf of Mexico and onshore in South America. Additionally, we are integrating our natural gas activities in Brazil with the natural gas network in Bolivia and Argentina. We are also increasing our downstream operations in South America and have acquired refineries and service stations in Argentina and Bolivia.
We have budgeted U.S.$7.5 billion in capital expenditures for the period from 2004 to 2010 for all of our international investments.
Our main strategies in the international segment are to:
Our international results are reflected in the International segment in our audited consolidated financial statements.