Petrobras acquired a 60% stake in Petrobras de Valores Internacional de Espana SL from Petrobras Energia SA. The aquisition was for $619 million.
PBR's profits rose 58% in 2008 primarily due to higher oil prices. Net income was 30% in 2008 than in 2007.
The China Development Bank has agreed to finance Petrobras's oil and natural gas production in its subsalt fields. Petrobras announces that it is negotiating with additional Chinese banks in order to secure more funding for E&P projects. Petrobras promises future oil supplies in return for investments.
In 2009, Petrobras announces its plans to increase oil and natural gas production at a rate of 7% annually until 2020. In order to meet this growth, Petrobras plans to spend $174 billion from 2009-2013 in order to develop offshore oil and natural gas fields.
Petrobras confirms the recovery of light oil in a subsalt cluster of the Sugar Loaf structure, though no specifics are given.
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.
Petrobras Inaugurates First Bio-fuel Plant in Rio Grande do Sul, furthering its alternative fuel initiatives.
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.
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.
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.