22°54′34″S 43°10′45″W / 22.9094°S 43.1793°W / -22.9094; -43.1793
58-489: Petróleo Brasileiro S.A. , better known by and trading as the portmanteau Petrobras ( Portuguese pronunciation: [ˌpɛtɾoˈbɾas, pet-] ), is a state-owned Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro , Brazil . The company's name translates to Brazilian Petroleum Corporation — Petrobras . The company was ranked #71 in the most recent Fortune Global 500 list. In
116-605: A joint venture with Nippon Alcohol Hanbai KK to sell Brazilian ethanol to Japan, called Brazil-Japan Ethanol. On 21 April 2006, the company started production on the P-50 oil platform in the Albacora East field at Campos Basin, which made Brazil self-sufficient in oil production. During the administration of the Workers' Party in the 2010s, Petrobras spent an estimated $ 40 billion subsidizing motor fuels, causing it to become
174-892: A 50% royalty interest. In 2007, Petrobras inaugurated the Petrobras 52 Oil Platform. The 52 is the biggest Brazilian oil platform and the third-biggest in the world. In 2007 and 2008, Petrobras made several major oil discoveries including the Tupi oil field (formerly known as the Lula oil field), the Jupiter field , and the Sugar Loaf field , all in the Santos Basin , 300 km off the coast of Rio de Janeiro . The oil fields were discovered by partnerships that include Petrobras, Royal Dutch Shell , and Galp Energia . However, estimates for
232-420: A DBA must be registered with a local or state government, or both, depending on the jurisdiction. For example, California, Texas and Virginia require a DBA to be registered with each county (or independent city in the case of Virginia) where the owner does business. Maryland and Colorado have DBAs registered with a state agency. Virginia also requires corporations and LLCs to file a copy of their registration with
290-467: A DBA statement, though names including the first and last name of the owner may be accepted. This also reduces the possibility of two local businesses operating under the same name, although some jurisdictions do not provide exclusivity for a name, or may allow more than one party to register the same name. Note, though, that this is not a substitute for filing a trademark application. A DBA filing carries no legal weight in establishing trademark rights. In
348-641: A US$ 70 billion share offering, the largest share offering in history, to be used to develop newly discovered oil fields. Giovanni Biscardi and Machado Meyer represented Petrobras. Biscardi brought his Brazilian corporate practice to Greenberg Traurig in January 2020. In 2012, Petrobras surrendered permits to explore offshore in New Zealand . Petrobras did not provide a reason but the New Zealand Prime Minister John Key said
406-710: A businessman and lobbyist, was allegedly the connection between major Brazilian construction firms and the government formed by the Workers’ Party (PT) and Brazilian Democratic Movement (PMDB). Between 2014 and February 2016, the Federal Public Prosecutor's Office (Portuguese: Ministério Público da União ) filed 37 criminal charges against 179 people, mostly politicians and businessmen. Former President Luiz Inácio Lula da Silva and then President Dilma Rousseff were also implicated. On 8 March 2016, Marcelo Odebrecht , CEO of Odebrecht and grandson of
464-695: A depth of 1,877 metres (6,158 ft) below sea level. In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc Family Group and its family foundation for $ 1.18 billion. This acquisition included assets in Argentina , Brazil, Venezuela , Bolivia , Peru , and Ecuador , 1.1 billion barrels of crude oil reserves, and production of 181 thousand barrels of oil equivalent (1,110,000 GJ) per day. In 2005, Petrobras announced
522-497: A primary focus on mature fields, which was a significant departure from industry trends during that time. In 2001, the company separated the tubulars business from its core offerings, believing that the intense capital requirements would prevent investments in core growth areas such as formation evaluation, well construction, and production. Afterward, expansion continued through 2009, and Weatherford grew by over 20% per annum, generating close to $ 10 billion in revenues in 2008. In 2008,
580-524: A stronger financial foundation, having reduced approximately $ 6.2 billion of outstanding funded debt, secured $ 2.6 billion in exit financing facilities, a $ 195M letter of credit facility, and $ 900M of liquidity. In June 2020, Weatherford announced several changes to its executive leadership team, including Mark A. McCollum and chief financial officer Christian Garcia's resignation. Weatherford appointed Karl Blanchard, vice president and chief financial officer, as interim chief executive officer. On June 12, 2020,
638-533: Is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is fictitious business name . Registering the fictitious name with a relevant government body is often required. In a number of countries, the phrase " trading as " (abbreviated to t/a ) is used to designate a trade name. In the United States , the phrase " doing business as " (abbreviated to DBA , dba , d.b.a. , or d/b/a )
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#1732764693089696-835: Is also listed in the New York Stock Exchange in the form of American depositary receipts and in the Madrid Stock Exchange . Petrobras is a major supporter of the arts in Brazil. Operation Car Wash ( Portuguese : Operação Lava Jato ) was a criminal investigation by the Federal Police of Brazil 's Curitiba branch. Originally a money laundering investigation, it expanded to cover allegations of corruption at Petrobras, where executives allegedly accepted bribes in return for awarding contracts to construction firms at inflated prices. The aim of
754-512: Is called a razón social . Weatherford International Weatherford International plc is an American multinational oilfield service company, headquartered in the US and operating in 75 countries globally across the oil and natural gas producing regions. The company provides technical equipment and services used for drilling , evaluation , completion , production , and intervention on gas and oil wells . Weatherford International
812-424: Is too similar to a name that is already registered. Using one or more fictitious business names does not create additional separate legal entities. The distinction between a registered legal name and a fictitious business name, or trade name, is important because fictitious business names do not always identify the entity that is legally responsible . Legal agreements (such as contracts ) are normally made using
870-481: Is used, among others, such as assumed business name or fictitious business name . In Canada , " operating as " (abbreviated to o/a ) and " trading as " are used, although " doing business as " is also sometimes used. A company typically uses a trade name to conduct business using a simpler name rather than using their formal and often lengthier name. Trade names are also used when a preferred name cannot be registered, often because it may already be registered or
928-786: The Abreu e Lima refinery in Ipojuca , Pernambuco , Brazil . The initial investment in the refinery is estimated at $ 18.5 billion, and the refinery will refine heavy crude oil from the Pre-Salt region. The company operates in six business areas, listed in order of revenue: Petrobras controls significant oil and energy assets in 16 countries in Africa, North America, South America, Europe, and Asia. However, Brazil represented 92% of Petrobras' worldwide production in 2014 and accounted for 97% of Petrobras' worldwide reserves on 31 December 2014, when
986-595: The Bolivian gas conflict , Bolivia's president Evo Morales announced the nationalization of all gas and oil fields in the country and ordered the occupation of all fields by the Bolivian Army . On 4 May 2006, Petrobras cancelled a major future investment plan in Bolivia as a result. The Bolivian government demanded an increase in royalty payments from foreign petroleum companies to 82%, but eventually settled for
1044-930: The Campos Basin . This discovery boosted its finances and helped it restructure nationwide. In 1975, the Brazilian Government temporarily allowed foreign operators into Brazil, and Petrobras signed exploration contracts with foreign companies for oilfields in Brazil. The company was affected by the 1979 energy crisis , although not nearly as badly as in 1973. In 1997, Petrobras reached the production milestone of 1 million barrels (160,000 m) per day. The company also executed agreements with other Latin American governments and began operations outside Brazil. In 2003, on its 50th anniversary, Petrobras surpassed 2 million barrels of oil equivalent (12,000,000 GJ) of daily production. On 1 May 2006, after
1102-625: The Southern Cross Group . The transaction included the licensing of the Petrobras and Lubrax brands for 8 years. To operate the assets acquired from Petrobras in Chile, Southern Cross created Esmax, a company that acts as a Petrobras licensee in the fuel and lubricant distribution segments. In March 2019, the company concluded the sale of 100 percent of Petrobras Paraguay Distribución Limited (PPDL UK), Petrobras Paraguay Operaciones y Logística SRL (PPOL) and Petrobras Paraguay Gas SRL (PPG) to
1160-727: The Trading with the Enemy Act of 1917 . Staff allegedly falsified documents stating that they had shipped goods to Barcelona, Venezuela , where they were later sent to Cuba . In July 2007, the company was featured in news media reports questioning operations of the company's foreign subsidiary, Weatherford Oil Tool Middle East, which had offices and equipment in the nation of Sudan . Since 1997, U.S. companies were forbidden by law to operate in Sudan, though foreign subsidiaries of U.S. companies could still legally operate in that country if there
1218-466: The United Kingdom , there is no filing requirement for a "business name", defined as "any name under which someone carries on business" that, for a company or limited liability partnership, "is not its registered name", but there are requirements for disclosure of the owner's true name and some restrictions on the use of certain names. A minority of U.S. states, including Washington , still use
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#17327646930891276-593: The national petroleum agency , Agência Nacional do Petróleo (ANP), responsible for the regulation and supervision of the petroleum industry, and the National Council of Energy Policies, a public agency responsible for developing public energy policy. In 1999, the National Petroleum Agency signed agreements with other companies, ending the company's monopoly. In 2000, Petrobras set a world record for oil exploration in deep waters, reaching
1334-461: The 1990s. In 2006, Petrobras said that their industrial retort could process 260 tonnes/hour of oil shale. In 1994, Petrobras put the Petrobras 36 , the world's largest oil platform , into service. It sank after an explosion in 2001 and was a complete loss. In 1997, the government approved Law N.9.478, which broke Petrobras's monopoly and allowed competition in Brazil's oilfields, and also created
1392-532: The 2023 Forbes Global 2000 , Petrobras was ranked as the 58th-largest public company in the world. Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan "The Oil is Ours" (Portuguese: "O petróleo é nosso"). It was given a legal monopoly in Brazil. In 1953, Brazil produced only 2,700 barrels of oil per day. In 1961, the company's REDUC refinery began operations near Rio de Janeiro, and in 1963, its Cenpes research center opened in Rio de Janeiro ; it remains one of
1450-911: The Grupo Copetrol, through its subsidiary Paraguay Energy. The agreement provides for the licensing for the exclusive use of the Petrobras brand by Nextar (the successor of Petrobras Paraguay Operaciones y Logística SRL) at that country’s service stations, for the initial term of five years. In February 2021, the company concluded the sale of entire stake in Petrobras Uruguay Distribución S.A. (PUDSA), by indirect subsidiary (Petrobras Uruguay Sociedad Anónima de Inversión -PUSAI), in Uruguay, to Mauruguay S.A., an indirect wholly-owned subsidiary of Disa Corporación Petrolífera S.A. (DISA). In January 2020, Petroleo Brasileiro stated that it ended all of its business in Africa after completing
1508-418: The U.S., trademark rights are acquired by use in commerce, but there can be substantial benefits to filing a trademark application. Sole proprietors are the most common users of DBAs. Sole proprietors are individual business owners who run their businesses themselves. Since most people in these circumstances use a business name other than their own name, it is often necessary for them to get DBAs. Generally,
1566-591: The US National Security Agency (NSA) had been spying on Petrobras. The information was based on a top secret NSA file provided to Guardian journalist Glenn Greenwald by Edward Snowden as part of the Global surveillance disclosures . The file showed that Petrobras was one of several targets for the NSA's Blackpearl program, which extricates data from private networks. Petrobras announced that it
1624-692: The amount of R $ 132 million, as victim-beneficiary of the award-winning collaboration agreement signed between the Federal Prosecutor's Office and Rogério Santos de Araújo, before the Supreme Court. Petrobras's website notes several initiatives to preserve the environment. These include efforts to support both ocean and forest ecosystems. Most notably, Petrobras has sponsored population studies and conservation efforts for humpback whales in northeast Brazil. The company's efforts helped to rebuild Brazil's humpback whale populations from 2,000 in
1682-723: The board. In March 2017, Weatherford appointed Mark A. McCollum as president, chief executive officer, and a member of the board of directors of Weatherford. The company also announced the appointment of Mr. William E. Macaulay as chairman of the board of directors. The company filed for Chapter 11 bankruptcy in the Southern District of Texas in July 2019, along with two subsidiaries. The petitions listed assets of more than $ 1 billion. In December 2019, Weatherford announced that it completed its financial restructuring and emerged from Chapter 11 protection. The company emerged with
1740-407: The business. Numbered companies will very often operate as something other than their legal name, which is unrecognizable to the public. In Chile , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and the legal name of business is called a razón social (social name). In Ireland , businesses are legally required to register business names where these differ from
1798-490: The company announced that it was shifting its place of incorporation from Bermuda to Switzerland . In April 2014, Weatherford announced that its board of directors approved relocating its legal domicile to Ireland from Switzerland . The company maintains its operational office in Houston, Texas . In November 2016, Weatherford announced Krishna Shivram as Interim Chief Executive Officer and Robert Rayne as chairman of
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1856-560: The company had 8,112.8 million barrels of oil equivalent (4.9633 × 10 GJ) of proved developed reserves and 4,599.7 million barrels of oil equivalent (2.8140 × 10 GJ) of proved undeveloped reserves in Brazil . Of these, 62.7% were located in the offshore Campos Basin . The largest growth prospect for the company is the Tupi oil field in the Santos Basin . In 2015, the company produced 2.284 million barrels of oil equivalent (13,970,000 GJ) per day, of which 89%
1914-522: The company in 2016. On June 1, 2021, Weatherford International plc (OTC Pink: WFTLF) announced that Nasdaq has approved its application for the relisting of Weatherford's ordinary shares on Nasdaq under the ticker symbol "WFRD", effective with the opening of trading on Wednesday, June 2, 2021. According to the United States, Weatherford and its subsidiary P.D. Drilling Holdings Inc. knowingly sold products that included US goods to Cuba, violating
1972-470: The company was better off exploring offshore instead of onshore. In 1963, Petrobras discovered the Recôncavo Baiano and Carmópolis oil fields. The company's growth was halted by the 1973 oil crisis . The entire country was affected, and the "Brazilian miracle", a period when annual GDP growth exceeded 10%, ended. Petrobras nearly went bankrupt. In 1974, the company discovered an oil field in
2030-594: The company's board of directors named Charles M. Sledge the chairman of the board. The board of directors announced in September 2020 that it would appoint Girish K. Saligram as the company's president and chief executive officer. The appointment became effective on 12 October 2020. Girish K. Saligram was also appointed to the board of directors on 12 October 2020. Before joining Weatherford, Girish served Exterran Corporation as Chief Operating Officer, and had previously served as President, Global Services, after joining
2088-648: The company's founder, was sentenced to 19 years in prison after being convicted of paying more than $ 30 million in bribes to Petrobras executives. Eduardo Cunha , president of the Chamber of Deputies from 2015 to 2016, was convicted of taking approximately $ 40 million in bribes and hiding funds in secret bank accounts and sentenced to 15 years in prison. Protests broke out calling for the resignation or impeachment of President Rousseff . The most widespread of these occurred on 13 March 2016 in over 300 municipalities. Police estimates gave about 3.5 million protestors throughout
2146-735: The country. Some of the protests were in areas previously thought of as strongholds of the Workers Party , of which Rousseff was the leader. The Bill and Melinda Gates Foundation sued Petrobras and its auditors, PriceWaterhouseCoopers as a result of the corruption scandal. In January 2018, Petrobras agreed to pay $ 2.95 billion to settle a U.S class action corruption lawsuit. Later in September 2018, Petrobras agreed to pay $ 853.2 million to settle with Brazilian and U.S. authorities. Petrobras settled with shareholder Vanguard Group in June 2017. On 1 February 2023 The company informs that received
2204-534: The county or city to be registered with the State Corporation Commission. DBA statements are often used in conjunction with a franchise . The franchisee will have a legal name under which it may sue and be sued, but will conduct business under the franchiser's brand name (which the public would recognize). A typical real-world example can be found in a well-known pricing mistake case, Donovan v. RRL Corp. , 26 Cal. 4th 261 (2001), where
2262-571: The decision was "not a reflection on the capacity to undertake deep-sea drilling or the prospect of activity of that area". He attributed the decision to a regrouping by the company after some setbacks. In July 2013, a worker strike action shut down production at several of the company's oil platforms. In September 2013, Petrobras sold eleven onshore exploration and production blocks in Colombia to Perenco for US$ 380 million. In September 2013 Organizações Globo reported on national television that
2320-580: The investigation was to ascertain the extent of a money laundering scheme, estimated by the Regional Superintendent of the Federal Police of Paraná State in 2015 at R$ 6.4–42.8 billion (US$ 2–13 billion), largely through the embezzlement of Petrobras funds. The authorities issued over a thousand warrants against business figures and politicians. It also led to a wave of arrests. Fernando Soares, also known as "Fernando Baiano,"
2378-402: The law is to protect the public from fraud, by compelling the business owner to first file or register his fictitious business name with the county clerk, and then making a further public record of it by publishing it in a newspaper. Several other states, such as Illinois , require print notices as well. In Uruguay , a trade name is known as a nombre fantasía , and the legal name of business
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2436-399: The legal name of business is called a razón social (social name). In Brazil , a trade name is known as a nome fantasia ('fantasy' or 'fiction' name), and the legal name of business is called razão social (social name). In some Canadian jurisdictions , such as Ontario , when a businessperson writes a trade name on a contract, invoice, or cheque, they must also add the legal name of
2494-544: The mid-nineties to over 9,000 in 2008. Petrobras subscribes to the United Nations Global Compact , a voluntary agreement regarding human rights, working conditions , corruption , and the environment . In 2008, the Spanish consultancy firm Management and Excellence named Petrobras the world's most sustainable oil company. Trade name A trade name , trading name , or business name
2552-461: The named defendant, RRL Corporation, was a Lexus car dealership doing business as " Lexus of Westminster ", but remaining a separate legal entity from Lexus, a division of Toyota Motor Sales, USA, Inc. . In California , filing a DBA statement also requires that a notice of the fictitious name be published in local newspapers for some set period of time to inform the public of the owner's intent to operate under an assumed name . The intention of
2610-403: The registered legal name of the business. If a corporation fails to consistently adhere to such important legal formalities like using its registered legal name in contracts, it may be subject to piercing of the corporate veil . In English , trade names are generally treated as proper nouns . In Argentina , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and
2668-709: The reserves of these new fields varied widely. The P-51 Platform, the first semisubmersible platform built entirely in Brazil, capable of producing up to 180,000 barrels of oil per day, started production in the Campos Basin in January 2009, and in February 2009, China agreed to loan Petrobras US$ 10 billion in exchange for a supply of 60,000–100,000 barrels of oil per day to a subsidiary of Sinopec and 40,000-60,000 barrels of oil per day to PetroChina . In August 2009, Petrobras acquired ExxonMobil 's Esso assets in Chile for US$ 400 million. In September 2010, Petrobras completed
2726-661: The sale of a 50% stake in Petrobras Oil & Gas BV. The Brazilian government directly owns 54% of Petrobras' common shares with voting rights, while the Brazilian Development Bank and Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%, bringing the State's direct and indirect ownership to 64%. The privately held shares are traded on B3 , where they are part of the Ibovespa index. It
2784-459: The surname(s) of the sole trader or partners, or the legal name of a company. The Companies Registration Office publishes a searchable register of such business names. In Japan , the word yagō ( 屋号 ) is used. In Colonial Nigeria , certain tribes had members that used a variety of trading names to conduct business with the Europeans. Two examples were King Perekule VII of Bonny , who
2842-469: The term trade name to refer to "doing business as" (DBA) names. In most U.S. states now, however, DBAs are officially referred to using other terms. Almost half of the states, including New York and Oregon , use the terms assumed business name or assumed name ; nearly as many, including Pennsylvania , use the term fictitious name . For consumer protection purposes, many U.S. jurisdictions require businesses operating with fictitious names to file
2900-460: The world's largest centers dedicated to energy research. In 1968, the company established Petrobras Quimica S.A ("Petroquisa"), a subsidiary focused on petrochemicals and the conversion of naphtha into ethene . Petrobras had begun processing oil shale in 1953, developing the Petrosix technology for extracting oil from oil shale. It began using an industrial-size retort to process shale in
2958-484: The world's most indebted oil company. By November 2015, the company had accumulated $ 128 billion in debt, 84% of it denominated in foreign currencies. In 2022, during the Presidency of Jair Bolsonaro under the administration of Caio Paes de Andrade , Petrobras achieved its highest net profit in history, totaling R$ 188.3 billion, distributing R$ 215.7 billion in dividends, making it the second largest dividend payer in
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#17327646930893016-458: The world. In summer 2023, Petrobras entered into a 5-year agreement with Weatherford International for providing intervention services offshore Brazil . As part of the cooperation, the US company will also provide digitalization of production using the Centro well construction optimization platform. Also in 2023, Petrobras announced the resumption of construction of a new production line at
3074-594: Was petroleum and 11% was natural gas . Reserves held outside of Brazil accounted for 8.4% of production in 2014. The majority of these reserves are in South America ; the company has assets in Bolivia and Colombia . The company also owns exploration blocks in the Gulf of Mexico ., in a joint-venture with Murphy Oil. In 1961, Petrobras geologist Walter K. Link published Link's memorandum , which implied that
3132-567: Was established in 1987. The company's roots date back to 1941 when Jesse E. Hall Sr. founded the Weatherford Spring Company in Weatherford, Texas . Weatherford today consists of the consolidation of more than 300 acquisitions since its establishment. It was initially called Energy Ventures, then EVI (1990), and finally Weatherford International (1998). Energy Ventures (an E&P company that had been created in 1972)
3190-474: Was investing R$ 21 billion over five years to improve its data security. In 2014, the company sold its assets in Peru to PetroChina for US$ 2.6 billion. Also in 2014, Petrobras set a new company record for average daily production of 2.863 million barrels of oil equivalent (17,520,000 GJ). In January 2017, the company concluded the sale of 100 percent of Petrobras Chile Distribuición Ltda (PCD) to
3248-553: Was known as Captain Pepple in trade matters, and King Jubo Jubogha of Opobo , who bore the pseudonym Captain Jaja . Both Pepple and Jaja would bequeath their trade names to their royal descendants as official surnames upon their deaths. In Singapore , there is no filing requirement for a "trading as" name, but there are requirements for disclosure of the underlying business or company's registered name and unique entity number. In
3306-442: Was no involvement by the U.S. parent or any other U.S. person. Nevertheless, in response to media and investor criticism, the company announced that it would divest itself of any foreign subsidiary operations in countries sanctioned by the United States. The next year, Weatherford withdrew from activities in Sudan and donated its in-country equipment as well as providing additional equipment, supplies, and funding to Thirst No More ,
3364-425: Was publicly traded (OTC: ENGY) with a small market capitalization of about US$ 15 million. Bernard J. Duroc-Danner was hired and charged with the start-up of oilfield service and equipment operations. Between 1999 and 2008, Weatherford experienced high growth and continued building its service business through acquisitions and organic growth. Part of the growth strategy was developing the company's asset base with
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