QUOTE AND NEWS
Financial Times  3 hrs ago  Comment 
Construction group reported to have signed plea bargain in Petrobras corruption probe
Financial Times  Dec 1  Comment 
Critics accuse lawmakers of trying to shield themselves from corruption probe
Financial Times  Dec 1  Comment 
Judges outraged by congressional bill aimed at protecting politicians
Forbes  Nov 30  Comment 
Brazil's public prosecutors submitted a massive anti-corruption bill to congress. Congress is rewriting it in hopes to protect themselves, but it won't stop investigation into wrong doing at oil major Petrobras.
Forbes  Nov 25  Comment 
The commodity markets around the world have been in the doldrums since mid-2014. The oil glut, caused by excess supply and declining demand, wrecked the expansion plans of a majority of oil and gas companies and deteriorated their profitability...
OilVoice  Nov 21  Comment 
Karoon Gas Australia LTDASX KAR has become aware that court proceedings have been initiated by Mr Jose Hunaldo Nunes Santos against Petroleo Brasileiro SAs Petrobras and the Agencia Nacional do




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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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