5. NOCs: What are they?
5.1 Why do they Exist? 5.2 Why maintain a NOC? 5.3 NOC and Government Interaction
4.3.1 The Situation in Brazil and Petrobras
6. Strategy: Why are Petrobras so successful?
6.1 Being a state monopoly
6.2 The beginning: A very performant downstream segment
6.3 Oil abundance: The offshore fields
6.4 The market gets deregulated
7. Performance 7.1 Acting as a Monopoly 7.1.1 The Benefits 220.127.116.11 The minimization of risks 18.104.22.168 The technological advantage 22.214.171.124 The inforamtional advantage 126.96.36.199 Cash Flow
7.1.2 The Drawbacks 188.8.131.52 A political interference 8.2 The principal vs Agent: The performance depends on the governemnt 8.2.1 The principals view 8.2.2 The agents view 8.2.3 Evaluation
Petrobras stand out as a particularly successful national oil company. It is one of the world leaders in deep-water exploration and production. Furthermore, it has established itself as the dominant force in the Brazilian hydrocarbon market and its presence aboard is steadily growing. The company’s market value grew from $26.4 billion in 2000 to a high of $173.6 billion in August 2009 and it is currently the largest publicly traded company in Latin America. It is generally considered, among oil critics, as well managed and efficient (De Oliveira 2009). The company was created in 1954, as a result of a congressional decision in 1953 to create a state monopoly in the Brazilian oil industry