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Petrobras America, Inc. is an international business unit of state-controlled oil company Petrobras Brazil, headquartered in Houston, Texas. The company is engaged in oil exploration and production in the Gulf of Mexico. Petrobras wholly owns Pasadena Refinery in Texas, and owns stakes in the Cascade, Chinook, and Cottonwood oil and gas fields in the Gulf of Mexico. Petrobras America is engaged in the purchase and sale of petroleum products, including crude oil, fuel oil, gasoline, special products, naphtha, and liquid petroleum gas. Petrobras procures oil services equipment and related supplies, primarily to support its operations in the Gulf of Mexico.
Worldwide, Petrobras has daily average oil and gas production of 2.4 million barrels of gas and oil (2008 data). The company operates 16 refineries; 112 production platforms; and has its own tanker fleet of 54 vessels, making Petrobras one of the world’s largest integrated energy companies, participating in the entire oil, natural gas, and energy industry supply chain.
In 2010, Petrobras remained on track to begin producing oil in its two fields (Cascade and Chinook) in the deepwater Gulf of Mexico, despite global economic problems. To achieve this goal, Petrobras secured the first U.S. license to operate a Floating Production, Storage, and Offloading (FPSO) in the Gulf. Petrobras had previous experience operating the vessel, which could produce upwards of 80,000 barrels of oil per day, off the Brazilian coast. In January of 2010, Petrobras acquired the remaining 50% of the Cascade field, which had previously been held by Devon Energy Corp. Petrobras held a 66.7% stake in the Chinook field in partnership with Total SA.
Petrobras is traded on the New York Stock Exchange as “PBR.”
The company’s main competitors include BP, Exxon Mobil, and Royal Dutch Shell.
Arnold & Itkin represented nearly a third of the crewmembers injured in the Deepwater Horizon explosion.
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