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Petrobras (PBR)

Stock (Energy Industry, Investing in Brazil Industry, Oil & Gas Majors Industry)

Petrobras confirms light-oil subsalt find Petrobras confirms the recovery of light oil in a subsalt cluster of the Sugar Loaf structure, though no specifics are given. PBR rises on S&P upgrade of Brazilian economy S&P upgrades Brazil's investment rating to investment grade, spurring increased investment in large Brazilian corporations; furthermore, rumors fly that Petrobras' BBB- corporate credit rating will also be upgraded by S&P based on Brazil's strength. First Bio-Fuel plant Petrobras Inaugurates First Bio-fuel Plant in Rio Grande do Sul, furthering its alternative fuel initiatives. Another oilfield discovery Discovery of the "Jupiter" oil field, 23 miles from "Tupi" is announced by the company on Jan 21. The company releases few details but says the field could be "as big" as the Tupi field. Biggest oilfield discovery in years Petrobras said test results show recoverable volume of light oil and gas at its Tupi field of between 5 billion and 8 billion barrels of oil equivalent, one of the biggest discoveries worldwide in decades. Petrobras holds a 65% stake in the field. Rising Oil Prices + Collapsing Dollar The collapsing value of the US dollar in September led to increasing oil prices, and thus increased the value of Petrobras's proven oil reserves.

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