QUOTE AND NEWS
Wall Street Journal  Nov 26  Comment 
A corruption investigation involving Brazilian state-controlled energy firm Petroleo Brasileiro is now being viewed as a liability to investors.
Reuters  Nov 26  Comment 
Defendants in a bribery investigation involving Brazil's state-run oil company Petrobras are trying to move the probe to the country's Supreme Court, which has a reputation for moving slowly and letting cases drag on for years.
OilVoice  Nov 26  Comment 
Petrobras39 Board of Directors approved at a meeting the appointment of a director of Governance Risk Management and Compliance charged with ensuring process compliance and risk mitigation inclu
Benzinga  Nov 25  Comment 
A story recently mentioned what Josh Brown said was driving shares of Petroleo Brasileiro Petrobras SA (ADR) (NYSE: PBR), where Brown made a bullish case for the stock and also suggested a trade. With Citi upgrading the stock to a Buy on Tuesday,...
Reuters  Nov 25  Comment 
Brazil's state-run oil firm Petroleo Brasileiro SA said on Tuesday its board had approved the creation of a new role of Director for Governance, Risk and Compliance, as the firm battles with allegations of corruption.
OilVoice  Nov 25  Comment 
On November 6 Petrobras completed the drilling of the first appraisal well in the Libra Consortium area the 3BRSA1255 3RJS731 known as NW1. Located in the Northwest portion of the Libra block
Wall Street Journal  Nov 25  Comment 
Brazilian state-controlled energy giant Petrobras said it received a subpoena from the SEC, confirming previous reports that a corruption probe in Brazil has extended to the U.S.
Financial Times  Nov 25  Comment 
US seeks documents relating to probe into state-controlled oil group




RELATED WIKI ARTICLES
 

Petroleo Brasileiro SA, also known as Petrobras, is a Brazil based holding company that engages in the exploration, production, refining, and sale of crude oil and other energy sources. Petrobras operates over 100 production platforms, 16 refineries, 30,000 kilometers of transportation ducts and more than 6,000 gas station in Brazil, Argentina, Mexico, Portugal, the United States, Peru and Turkey.[1]

While almost all of Petrobras’s barrels of oil and gas reserves come from Brazil, the company has the potential of becoming a major net exporter of oil.[2] In particular, Chinese energy companies and Chinese banks agreed in to finance the development of Petrobras’s offshore oil fields in exchange for guaranteed supplies of oil once the fields developed. However, low oil prices have the potential of reducing Petrobras’s exploration efforts because of the expensive equipment and technology required to develop deepwater oilfields.[3] Despite low gasoline and diesel prices, Petrobras plans to continue expanding its domestic refining and distribution operations.


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Competition

Petrobras remains the largest government owned oil company in Brazil, so it faces very little competition on its home turf. It is difficult for competitors to enter the market given the preferential treatment Petrobras has with the Brazilian government. Despite the opening up of the Brazilian oil market, Petrobras has maintained its market share.



References

  1. Reuters: PBR Profile
  2. Reuters: PBR Profile
  3. moneymornings.com: Petrobras will be poised for big economic gains
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