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Pre-salt fuelling Petrobras’ upstream ambitions
The offshore region is poised to significantly ramp up production as more midstream gas infrastructure reaches startup and divestments keep coming
Brazil suffers acreage sale setback
Bidding round deemed a disappointment after most operators steer clear
Giant oil and gas discoveries may prove irrelevant
The energy transition is increasing the risk of huge discoveries becoming stranded indefinitely
3R Petroleum targets Petrobras’ portfolio
The independent is rapidly expanding its footprint in Brazil and may not have finished just yet
Brazil’s big spenders
Upstream firms are opening their wallets again as offshore prospects look more lucrative
Take two for Brazilian bidding round
The auctioning process for the Transfer of Rights fields has been streamlined, and hopes are high for a better showing at the end of the year
Karoon makes a splash
The previously exploration-focused firm has expanded its footprint offshore Brazil and is now eyeing further production opportunities
Asian crude demand boosts Petrobras
Surging pre-salt oil production will rely on the region for future revenues and rising exports
Latin America pivots to digital
The pandemic has showcased the importance of reaching digital maturity, and state oil companies are taking notice
Lula return casts a cloud for Petrobras
Court case vindication could open the door to next year’s election, with implications for the NOC and wider energy reforms
Brazil Petrobras
Justin Jacobs
4 July 2018
Follow @PetroleumEcon
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Petrobras' incomplete recovery

Brazil's state oil company has taken major strides forward, but further progress and support from the next government are needed

A company's share price doesn't tell its whole story, but it's one way to track a firm's fortunes. Petrobras has endured a rollercoaster ride through the market—during a tumultuous decade that saw it fly high as an investor darling, collapse and more recently mount something of a comeback. At its peak in 2010, following the discovery of the massive pre-salt oilfields, Brazil's national oil company set a record with a $70bn share sale and, shortly after that, saw its market value peak at $229bn, surpassing supermajors Shell and Chevron. But Petrobras never lived up to that hype, and things got particularly ugly in early 2016 when it was hit by a perfect storm of scandal, debt and an oil-price

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