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 in order 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. Despite negotiations to sell some of its assets in progress, as of 2022 Petrobras owned 13 out of the 19 existing oil refineries in Brazil, which correspond to over 80 percent of the national refining capacity. In addition to the two refineries sold in 2021, the company has committed to the sale of another six in the coming years. However, this plan might change due to the new Brazilian government being in favor of maintaining Petrobras' participation in the refining sector.
Meanwhile, since July 2021, Petrobras no longer operates in the downstream sector. The company's fuel distribution used to be carried out through BR Distribuidora. The former subsidiary officially became a private company in mid-2019, with Petrobras' divestment process reaching completion two years later.
A giant in exploration and refining
Despite the unprecedented crisis in oil prices resulting from a decrease in global demand amidst the outbreak of the COVID-19 pandemic, Petrobras’ crude oil production reached record levels in 2020, nearing 2.3 million barrels per day. In 2022, production decreased to 2.1 million barrels per day. The company’s production has been reignited since 2014 with the development of exploration of the pre-salt layer. Pre-salt is a series of geological formations established by the separation of what are currently the American and African continents, and its fuel reserves are normally located in deep-sea areas, under thick layers of salt. 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. Despite negotiations to sell some of its assets in progress, as of 2022 Petrobras owned 13 out of the 19 existing oil refineries in Brazil, which correspond to over 80 percent of the national refining capacity. In addition to the two refineries sold in 2021, the company has committed to the sale of another six in the coming years. However, this plan might change due to the new Brazilian government being in favor of maintaining Petrobras' participation in the refining sector.
Meanwhile, since July 2021, Petrobras no longer operates in the downstream sector. The company's fuel distribution used to be carried out through BR Distribuidora. The former subsidiary officially became a private company in mid-2019, with Petrobras' divestment process reaching completion two years later.
