Petrobras’ global quest for power

The Brazilian oil giant has emerged as an innovator willing to stake claims far afield.

MELGAR, COLOMBIA — For most of Latin America’s state oil companies, these are hardly halcyon days: Although high global prices have lifted revenue, crude oil production is either in decline or moving sideways.

Then there’s Brazil’s go-go Petrobras.

The company has doubled its oil output over the last decade to 2.2 million barrels a day and joined the ranks of the world’s major producers. Petrobras’ deep-water discoveries off Brazil’s coast, such as the Tupi oil field announced in November, plus aggressive energy exploration around the world — from the U.S. Gulf Coast to West Africa, Turkey and here in Colombia — have captured investors’ attention.

So what’s the secret behind its success? Analysts say the Brazilian government’s decision to open the company up to outside investors, to break its monopoly on the nation’s oil fields and to push the company to develop deep-water drilling technology were critical to its growth. But the company’s adventuresome spirit is also paying dividends.

LA Times