René Muschter
Research Expert für Internationale Länderdaten
Petrobras - statistics & facts
Petrobras – short for Petróleo Brasileiro S.A. – a Brazilian corporation headquartered in Rio de Janeiro, is one of the largest oil and gas companies in the world and by far the largest in the oil and gas sector in Brazil, in terms of revenue. The corporation was established in 1953 to exert government control over oil exploration, production, refining, and distribution in the country. Although the company’s monopoly legally ended in 1997, Petrobras still holds a large share of the national oil and fuel industries.
The largest contribution to the company’s revenue, however, comes from the refining, transportation, and marketing segment. Petrobras owned 12 out of the 18 existing oil refineries in Brazil, which correspond to over 80 percent of the national refining capacity.
Going forward the company is set to increase investments in the petrochemicals and refining sector, specifically taking up operation of its Araucária Nitrogenados fertilizer plant again by mid-2025.
A giant in exploration and refining
Increases in Petrobras’ crude oil production are tied to the discovery and exploration of pre-salt layers. Pre-salt is a series of geological formations established by the separation of what are currently the American and African continents. Its deposits are normally located in deep-sea areas, under thick layers of salt. In 2023, the company produced some 2.2 million barrels per day. Petrobras accounts for more than 90 percent of the crude oil output in Brazil.The largest contribution to the company’s revenue, however, comes from the refining, transportation, and marketing segment. Petrobras owned 12 out of the 18 existing oil refineries in Brazil, which correspond to over 80 percent of the national refining capacity.
Petrobras profits from 2022 and 2023 global supply crisis
Ten years since its involvement in a corruption scandal and a following economic crisis that had massive repercussions for company profits, Petrobras’ revenue has climbed again to over 100 billion U.S. dollars. Meanwhile, Petrobras’ net income received a massive boost from the 2022 oil and gas price hike and was also able to close out 2023 with a net profit of nearly 25 billion U.S. dollars.Going forward the company is set to increase investments in the petrochemicals and refining sector, specifically taking up operation of its Araucária Nitrogenados fertilizer plant again by mid-2025.
