Petrobras Surges Ahead with 4th Largest Reserves Among Traded Companies
Tuesday, July 01, 2008
PDuring a presentation made at the 20th National Forum, in Rio de Janeiro, Petrobras' president, José Sergio Gabrielli de Azevedo, showed how the company reached the status of the third biggest Company in market value in the Americas, the world's sixth biggest, and how it is getting ready to become one of the main global players. Compared to the principal oil sector competitors with shares traded in stock exchanges, Petrobras currently holds the 4th biggest proved reserve, with 11.7 billion barrels of oil equivalent. These figures do not include the recent discoveries made in the pre-salt field: Tupi, Jupiter, Carioca, and Bem-te-vi.
Gabrielli traced a panorama of the company's performance and development in the domestic and international markets and spoke about the challenges that will have to be faced to explore the new reserves.
"There are elements that must be highlighted in Petrobras' performance: we are strongly anchored in the Brazilian market and we are growing, not only in marginal areas, but in core technological developments," he said. "We have great possibilities of advancing our growth and pulling others behind us, whether Brazilian or international vendors. Another item that characterizes our expansion is that we are very well situated in two segments that are vital for the future of humanity: oil and biofuels."
Petrobras grew 171% last year, and currently ranks 4th among the sector's companies that have their shares traded in stock exchanges. It has the 7th biggest gas production, and ranks second in reserve useful life. According to the president, Petrobras is unique in the global market. "Among the major state-owned oil companies, we are the only one that has 85% of its revenues coming from the domestic market, the only one with 85% of its production destined to a refining system that is 200 or 300 miles away from the producing area and that is inside the consumer market. We have a vertical integration and market access no one else has."