Petrobras was founded in Brazil in 1953 to control much of the country’s petroleum industry.
The company was created during the presidency of Getúlio Vargas. Its full Portuguese name is Petróleo Brasileiro S.A., while Petrobras is the internationally used short form. For many years, Brazilian law gave it a central role in exploration, production, refining, transportation, and petroleum distribution.
Petrobras became especially important after major offshore discoveries in Brazil’s deepwater basins. The company developed advanced technologies for producing oil beneath thick layers of salt, known as the pre-salt formations. These discoveries transformed Brazil into a major offshore producer.
Petrobras is state-controlled but publicly traded, so its shares are listed on stock exchanges. It is distinct from Mexico’s Pemex and Colombia’s Ecopetrol, which are separate national petroleum companies. The company’s headquarters are in Rio de Janeiro.