For most of Latin America's state oil companies, these are hardly serene days: Although high global prices have lifted revenue, crude oil production is either in decline or moving sideways.
Brazil's oil prospecting company Petrobras has doubled its oil output over the past 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 declared in November, plus invasive energy exploration around the world - from the U.S. Gulf Coast to West Africa, Turkey and Colombia - have captured investors' attention.
Analysts say the Brazilian government's decision to open the company up to extern 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.
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