Book contents
- Frontmatter
- Contents
- Figures
- Tables
- Boxes
- Contributors
- Acknowledgements
- Part I Introduction
- Part II Thematic studies of national oil companies
- Part III National oil company case studies
- 5 Saudi Aramco: the jewel in the crown
- 6 Oil, monarchy, revolution, and theocracy: a study on the National Iranian Oil Company (NIOC)
- 7 Handcuffed: an assessment of Pemex’s performance and strategy
- 8 Kuwait Petroleum Corporation (KPC): an enterprise in gridlock
- 9 China National Petroleum Corporation (CNPC): a balancing act between enterprise and government
- 10 Petróleos de Venezuela, S.A. (PDVSA): from independence to subservience
- 11 Awakening giant: strategy and performance of the Abu Dhabi National Oil Company (ADNOC)
- 12 Brazil’s Petrobras: strategy and performance
- 13 Sonatrach: the political economy of an Algerian state institution
- 14 Norway’s evolving champion: Statoil and the politics of state enterprise
- 15 Gazprom: the struggle for power
- 16 NNPC and Nigeria’s oil patronage ecosystem
- 17 Fading star: explaining the evolution of India’s ONGC
- 18 Petronas: reconciling tensions between company and state
- 19 Angola’s Sonangol: dexterous right hand of the state
- Part IV Conclusions and implications
- Part V Appendices
- References
- Index
12 - Brazil’s Petrobras: strategy and performance
Published online by Cambridge University Press: 05 January 2012
- Frontmatter
- Contents
- Figures
- Tables
- Boxes
- Contributors
- Acknowledgements
- Part I Introduction
- Part II Thematic studies of national oil companies
- Part III National oil company case studies
- 5 Saudi Aramco: the jewel in the crown
- 6 Oil, monarchy, revolution, and theocracy: a study on the National Iranian Oil Company (NIOC)
- 7 Handcuffed: an assessment of Pemex’s performance and strategy
- 8 Kuwait Petroleum Corporation (KPC): an enterprise in gridlock
- 9 China National Petroleum Corporation (CNPC): a balancing act between enterprise and government
- 10 Petróleos de Venezuela, S.A. (PDVSA): from independence to subservience
- 11 Awakening giant: strategy and performance of the Abu Dhabi National Oil Company (ADNOC)
- 12 Brazil’s Petrobras: strategy and performance
- 13 Sonatrach: the political economy of an Algerian state institution
- 14 Norway’s evolving champion: Statoil and the politics of state enterprise
- 15 Gazprom: the struggle for power
- 16 NNPC and Nigeria’s oil patronage ecosystem
- 17 Fading star: explaining the evolution of India’s ONGC
- 18 Petronas: reconciling tensions between company and state
- 19 Angola’s Sonangol: dexterous right hand of the state
- Part IV Conclusions and implications
- Part V Appendices
- References
- Index
Summary
Introduction
Petrobras stands out as a particularly successful national oil company (NOC). One of the world leaders in deep water oil exploration and production, Petrobras has a dominant position in the Brazilian oil and gas market and has a small but growing presence abroad as well. Its dominant position in Brazil and strong performance, along with other factors that the company itself doesn’t control such as the high price of oil, explain why its market value grew from $26.4 billion in 2000 to $173.6 billion in August 2009. It is currently Latin America’s largest publicly traded company. Among its peers – both NOCs and the international oil companies (IOCs) – the company is widely seen as a well-managed, efficient leader in the industry.
Created in 1954, as a result of a congressional decision in the previous year to create a state monopoly in the Brazilian oil industry, Petrobras started its operations with no meaningful oil reserves or much expertise in producing, refining, and marketing oil or refined products. Unsurprisingly, oil experts were skeptical about the future of the newborn company.
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- Oil and GovernanceState-Owned Enterprises and the World Energy Supply, pp. 515 - 556Publisher: Cambridge University PressPrint publication year: 2011
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