Value Chain Analysis of the Energy in Brazil¶

Commercial Relationships¶

The energy industry in Brazil, encompassing both the electricity and oil and gas sectors, is characterized by a complex web of commercial relationships between various players across different stages of the value chain. These relationships are shaped by regulatory frameworks, market dynamics, and infrastructure availability.

In the Electricity Value Chain, commercial relationships primarily involve the buying and selling of electricity and transmission/distribution services. At the Generation stage, power plant operators (generators) sell the electricity they produce. Their main commercial relationships are with transmission companies, to whom they connect to inject power into the grid, and with buyers in either the Regulated Contracting Environment (ACR) or the Free Contracting Environment (ACL). In the ACR, generators participate in public auctions organized by the government (regulated by ANEEL) where they sell energy to distribution companies. These auctions are highly formalized, with long-term contracts awarded based on competitive bidding. In the ACL, generators negotiate bilateral contracts directly with commercializers or large free consumers. These contracts offer greater flexibility in terms of volume, price, and duration, allowing for customized agreements based on specific needs and market conditions.

Moving to Transmission, companies in this segment operate and maintain the high-voltage grid. Their primary commercial relationship is with the government, holding concessions for the transmission assets. They are remunerated through a regulated tariff (Receita Anual Permitida - RAP), which is set by ANEEL and paid by users of the transmission system, primarily distribution companies and large free consumers connected to the grid. This is a service-based relationship, ensuring the availability and reliability of the transmission infrastructure. There are also operational relationships with generators (for grid connection) and the National System Operator (ONS), which is responsible for the operational planning and real-time coordination of the grid.

In the Distribution stage, companies hold concessions to deliver electricity to final consumers within specific geographic areas. Their core commercial relationships are with their captive consumers (residential, small commercial, and some industrial), to whom they sell electricity at regulated tariffs approved by ANEEL. They purchase most of their energy in the ACR through auctions, establishing a commercial relationship with generators and commercializers who win these auctions. They also have a contractual relationship with transmission companies for the use of the transmission grid, paying the regulated RAP. Furthermore, they interact commercially with other service providers for network maintenance, metering, billing, and customer service. The relationship with consumers is direct, involving billing, collection, and customer support.

Commercialization involves the trading of electricity as a commodity. Commercializers act as intermediaries, buying energy from generators or other commercializers and selling it to free consumers or distributors (in specific cases). Their relationships are primarily contractual, based on bilateral negotiations in the ACL. These contracts define the terms of energy supply, including volume, price indexation, and payment terms. They also have operational relationships with CCEE for the registration and settlement of their energy contracts and market operations. Generators and large consumers also engage directly in the ACL, bypassing commercializers in some instances through direct bilateral contracts. The 20 largest commercializing companies are significant players in this segment, negotiating a large volume of the free market.

In the Oil and Gas Value Chain, commercial relationships are equally complex and span across exploration, production, refining, transportation, and commercialization.

In Exploration and Production (Upstream), companies (NOCs like Petrobras, IOCs, and independents) primarily hold concessions or production sharing agreements with the Brazilian government (represented by the National Agency of Petroleum, Natural Gas and Biofuels - ANP) to explore and extract hydrocarbons. This involves significant investment commitments and revenue sharing mechanisms with the government (royalties, special participation, taxes). Commercial relationships also exist with service providers for seismic surveys, drilling, well completion, and offshore platform operations. Once oil and gas are produced, companies sell the crude oil and raw natural gas. Petrobras, historically dominant, often sells its production to its own refining arm or to other refiners. Independent producers may sell to Petrobras or export. Natural gas producers sell to processing plants or directly to transportation companies and large industrial consumers.

In Refining and Processing (Midstream/Downstream), refinery and processing plant operators purchase crude oil and raw natural gas from E&P companies. Petrobras, owning most of the refining capacity, primarily processes its own crude. Other refiners like Acelen purchase crude from various suppliers, potentially including Petrobras or international markets. Processed natural gas (with impurities removed and NGLs separated) is then sold to transportation companies or directly to large consumers. Commercial relationships involve long-term supply contracts for crude oil and natural gas feedstocks and sales contracts for refined products and processed gas.

Transportation and Distribution (Midstream/Downstream) companies move crude oil, natural gas, and refined products. Pipeline operators charge tariffs for transporting these products, with commercial relationships with E&P companies, refiners, and distributors. These tariffs can be regulated (for natural gas pipelines) or negotiated. Maritime, road, and rail logistics companies provide transportation services under contractual agreements with producers, refiners, and distributors. Natural gas distribution companies, holding state-level concessions, purchase natural gas from transportation companies or commercializers and sell it to residential, commercial, and industrial consumers within their concession areas at regulated tariffs. Fuel distributors purchase refined products from refineries or importers and sell them to retail service stations (often under franchise agreements) and large industrial/commercial consumers. This involves complex logistics and supply chain management relationships.

Finally, in Commercialization (Downstream), the refined products and natural gas reach the final market. Fuel distributors sell fuels to service stations and directly to large consumers. Service station operators, who may be independent or tied to a distributor brand through franchising, sell fuels to vehicle owners. Natural gas commercializers sell gas to industrial, commercial, and, indirectly through distribution companies, residential consumers, often under negotiated contracts. Petrochemical companies sell their products to various industrial sectors. Commercial relationships in this stage are varied, from bulk sales to distributors and large consumers to individual transactions at service stations. Petrobras Comercializadora de Gás e Energia and other commercializers play a key role in the natural gas market.

Products and Services Exchanged¶

The energy value chain in Brazil involves the exchange of a diverse range of products and services at each step.

In Electricity Generation, the primary product is electrical energy (measured in kWh or MWh). This is a standardized commodity, but its value can vary based on the source (e.g., renewable versus thermal), time of day, and availability. The services exchanged include capacity availability (especially for dispatchable sources like hydro and thermal) and ancillary services necessary for grid stability.

In Electricity Transmission, the service exchanged is the high-voltage transport of electricity from generation points to distribution substations. This includes the maintenance and operation of transmission lines and substations. The 'product' is the reliable availability of transmission capacity. Commercial transactions are typically for the service of transmission, not the energy itself.

In Electricity Distribution, the service is the delivery of electricity from transmission substations to final consumers at lower voltage levels. This involves operating and maintaining the local network, connecting new consumers, metering consumption, billing, and providing customer service. The product is the electricity itself, delivered to the consumer's meter, but the commercial exchange with captive consumers is for both the energy consumed and the distribution service, bundled into a single tariff.

In Electricity Commercialization, the product is electricity as a tradable commodity, often in the form of energy contracts for future or spot delivery. Commercializers and other market agents buy and sell these contracts, which specify volume, price, and delivery period. Services include market intelligence, risk management, and contract negotiation and management.

In Oil and Gas Exploration and Production, the primary products are crude oil and raw natural gas. Services include geological and geophysical surveys, exploratory and production drilling, well services, reservoir management, and the operation and maintenance of production facilities (including offshore platforms).

In Oil and Gas Refining and Processing, the products are refined petroleum products such as gasoline, diesel fuel, jet fuel, LPG, fuel oil, and petrochemical feedstocks. For natural gas processing, products include treated natural gas (methane) and Natural Gas Liquids (NGLs) like ethane, propane, and butane. Services include the refining and processing operations themselves.

In Oil and Gas Transportation and Distribution, the services are the physical movement of crude oil, natural gas, and refined products through pipelines, tankers, trucks, and rail cars. For natural gas distribution, the service is the delivery of piped gas to homes and businesses. The 'product' can be seen as the logistical service or the delivered volume of the commodity at a specific point. This also includes terminal services and storage.

In Oil and Gas Commercialization, the products are the various refined fuels sold at wholesale (to distributors and large consumers) and retail (at service stations), LPG, natural gas sold to different customer segments, and petrochemical products. Services include marketing, sales, technical support for industrial gas users, and retail services at service stations (e.g., convenience stores).

Business Models¶

Different business models are employed across the energy value chain in Brazil, driven by the nature of the activities, regulatory environment, and market structures.

In Electricity Generation, business models vary depending on the energy source and market segment. Hydroelectric plants often operate under a concession model, selling energy predominantly through long-term contracts in the ACR. Thermal plants, particularly those providing dispatchability, may operate under availability contracts in the ACR or sell energy in the ACL. Renewable generators (wind, solar, biomass) often rely on long-term power purchase agreements (PPAs) secured through auctions in the ACR or negotiated directly with free consumers in the ACL. Independent Power Producers (IPPs) typically focus solely on generation assets and selling the output. State-owned companies or integrated utilities may operate generation assets as part of a broader portfolio. The model is largely asset-intensive, requiring significant upfront investment in power plants.

Electricity Transmission operates primarily under a regulated asset base (RAB) model. Transmission companies invest in building and maintaining the grid infrastructure and are remunerated through regulated tariffs (RAP) that ensure a return on their investment plus operational costs. This provides a stable, predictable revenue stream, making it attractive to investors seeking long-term, low-risk returns. The business is characterized by long-term concessions granted by the government.

Electricity Distribution also operates under a regulated concession model. Distribution companies have exclusive rights to serve a specific geographic area. Their revenue comes from tariffs charged to captive consumers, which are set by ANEEL and designed to cover energy purchase costs, network operation and maintenance, and a regulated return on investment. The business model is focused on managing a large customer base, maintaining infrastructure, and minimizing losses (technical and commercial). Customer service and operational efficiency are key.

Electricity Commercialization in the ACL operates under a trading and brokerage model. Commercializers profit from the spread between buying and selling energy contracts and by providing value-added services like risk management and market intelligence to their clients (free consumers and generators). Their success depends on market knowledge, negotiation skills, and the ability to manage price volatility. This model is less asset-intensive than generation or transmission, focusing more on financial and market expertise.

In Oil and Gas Exploration and Production, business models are typically based on concessions or production sharing agreements with the government. Companies invest heavily in exploration and development activities with the goal of discovering and extracting commercially viable reserves. Revenue is generated from the sale of crude oil and natural gas. The model is high-risk, high-reward, with significant geological and market price uncertainties. For independents focusing on mature fields (like 3R Petroleum, PRIO, PetroRecôncavo), the model involves optimizing production from existing assets, often acquired from larger players like Petrobras.

In Oil and Gas Refining and Processing, the business model is based on purchasing crude oil and natural gas and transforming them into higher-value refined products and petrochemicals. Revenue is derived from the sale of these products. Profitability is influenced by the spread between feedstock costs and product prices (refining margin). This is an asset-intensive business requiring large, complex industrial facilities.

In Oil and Gas Transportation and Distribution, pipeline operators often operate under a regulated tariff model for natural gas pipelines or negotiated tariffs for oil and product pipelines. Their revenue is based on the volume transported or the capacity made available. Fuel distributors operate a logistics and sales network, buying fuels in bulk and selling to retailers and large consumers, profiting from the margin. Piped natural gas distributors operate under state-level concessions with regulated tariffs charged to consumers. These models are generally less exposed to commodity price volatility than E&P or refining, focusing on infrastructure utilization and network management.

In Oil and Gas Commercialization, the models vary. Fuel distributors operate wholesale and retail networks, often utilizing franchise models for service stations. LPG distributors manage logistics and a network of resellers. Natural gas commercializers negotiate contracts with industrial, commercial, and power generation clients. Petrochemical companies sell their products to industrial customers. These models are focused on sales, marketing, logistics, and managing customer relationships.

Bottlenecks and Challenges¶

Despite being a major energy player, the Brazilian energy value chain faces several significant bottlenecks and challenges that impact its efficiency, reliability, and future development.

In the Electricity Sector, a key challenge lies in the reliance on hydroelectric power. While renewable, its dependency on rainfall creates vulnerability to hydrological risk, potentially leading to energy shortages and increased reliance on more expensive thermal generation during dry periods. This highlights a bottleneck in ensuring energy security solely through hydro. The integration of intermittent renewable sources like wind and solar, while growing rapidly, requires significant investment in transmission infrastructure and grid management systems to ensure stability, posing a challenge for the Transmission segment to keep pace with generation growth.

The Transmission grid itself faces challenges related to obtaining environmental licenses for new lines, which can cause delays in expanding capacity needed to connect new generation projects, particularly in remote areas with high renewable potential. Underinvestment or delays in transmission upgrades can create bottlenecks, limiting the flow of electricity from where it is generated to where it is consumed, potentially leading to congestion and higher prices.

In Distribution, the main challenges include high levels of non-technical losses (energy theft and fraud), which impact the financial health of distribution companies and lead to higher tariffs for paying consumers. The aging infrastructure in some areas requires significant investment for modernization and resilience against extreme weather events. Providing quality service and meeting regulatory targets for service continuity and commercial quality remain ongoing challenges for distribution companies.

The Commercialization segment, particularly the expansion of the ACL, presents both opportunities and challenges. While increasing consumer choice and potentially driving down prices, it also requires sophisticated market design and regulation by CCEE and ANEEL to ensure fair competition and market stability. The complexity of migrating to the free market can be a bottleneck for smaller consumers.

Cross-cutting challenges in the electricity sector include the need for clear and stable long-term regulatory frameworks to attract investment across the value chain. Tariff setting mechanisms are often subject to political pressure, creating uncertainty for regulated companies. The energy transition, while a major opportunity with Brazil's renewable potential, requires coordinated planning and investment across generation, transmission, and distribution to effectively integrate new technologies and decentralized generation.

In the Oil and Gas Sector, a significant challenge for Exploration and Production is the high cost and technical complexity of exploring and producing from the pre-salt layer. While offering vast reserves, these projects require substantial capital investment and advanced technology. Ensuring a stable regulatory and fiscal environment is crucial to attract and retain international and independent companies to invest in E&P, especially given global energy transition pressures. Security and environmental concerns related to offshore operations also pose ongoing challenges.

In Refining and Processing, Brazil still has a deficit in refining capacity for certain products, leading to reliance on imports and vulnerability to international price volatility. Modernizing and expanding the refining park requires significant investment. Environmental regulations and the need to reduce emissions from refineries also present challenges.

Transportation and Distribution face infrastructure limitations. Expanding the natural gas pipeline network is crucial for increasing gas utilization, but it requires substantial investment and can face licensing delays. The logistics of transporting fuels across a large country also presents cost and efficiency challenges. The natural gas market, in particular, faces bottlenecks in accessing supply from diverse sources and ensuring competitive transportation and distribution tariffs.

In Commercialization, the fuel distribution market is competitive, but challenges include managing logistics costs, combating fuel adulteration, and adapting to the increasing use of biofuels and potentially electric vehicles. For natural gas commercialization, expanding the customer base is dependent on the availability of distribution networks and competitive pricing compared to alternative energy sources.

Overall bottlenecks and challenges for the entire Brazilian energy industry include the need for sustained investment across all segments, often hindered by economic instability and regulatory uncertainty. Environmental concerns and the pressure to decarbonize the energy matrix require significant strategic planning and investment in cleaner technologies. Social considerations, such as ensuring access to affordable energy for all segments of the population and managing the social impacts of large energy projects, also present ongoing challenges. The complex interplay between state-owned companies (like Petrobras and historically Eletrobras and others) and private players requires careful management to ensure fair competition and efficient market operation.

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Revelada a lista completa das melhores empresas do setor de petróleo e gás e energia para trabalhar em 2023 - Petrosolgas. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK2ZijiV8YS5EV14ObsxgYSc2SyCbbwm9abOb500_kYB5Xm0CzR5crgf_YD-desdbm7NsgjEXwoLrU6bpuiazif7AfpXs-AMoZiac1viKJtT3bCffVJUwlNXCMXPSmPUJhdkgB38-M4FEYU0TGnMZbM8FKzv1EpvD_XsFab2zTT6DDiTCFPEri4F4IJppcr8gvmo39ePjNh1pzVDnmXYAuvI0MKSad76rlhPJDRozHJgdL6ADZ1DECks0Xt7ABv]
Empresas de energia: saiba quais são as principais do setor - Panorama Comerc. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJPcW32dB7Rqh_LI5gYuyFRJ5cIyqBzwe54R_Y7nuSpL-4xFtAAFL8srpbn0Ez5b0PhZUJLk5YWrAVJdSAokTB__o027s0jEopcdVbllVZaZj3GrtildY7fTtxkT7wSmGRbl_zGifhZONXIiJ1vSI3kvYQNsgHAwugM7R9AGsoZVI7Mh5W3Ir4OVts=]
Energia Elétrica - BNDES Hub de Projetos. [https://vertexaisearch.cloud.com/grounding-api-redirect/AWQVqALzRXJkGffwwWf7Ieo_rJs_3xsWm2W3yfGyKLWc93EshkFg1C2Rqf1jQGomxnCkCpO5J1PCtlecWyqc4YSugHYXkJcZSSqoqoxVpLrHXwi_py2mGS8IzCGTYYr5uo0bXptNZXKzqOzN8V3e2nwrO1h1_mlY8Q==]
Destaque: as maiores produtoras de petróleo e gás do Brasil - BNamericas. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALXgDYYM9Jbw-dYfG2pBtnPThfjNJPPidheue4eYhOLN-zOzIQemz1KYwvRHlT1aop9BR6odZ_IHXwPxHreDTYzzqHHGqiIRxXzKtF8SS5KCRz90qsU-KTa5DlVV9QwumMrNBgT--7_xRZIFPGVLYNNNDI1DFTIoWcy504rc5pOpLWbUtjF3JkpvkWQE3beQtd48nLfhb5bE]
BRASIL BATEU O RECORDE DE GERAÇÃO DE ENERGIA RENOVÁVEL EM 2023. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJFJiZdkoQhPIqyv8IlslUdBSqsgGzLWVkKHBwn2mgp-2vUPg7K-gkPIlc0qGFzvfzo_faan1dpD-cKgdRaxtGUevTj5rS26hmwF6EataKPg3LRteZt_Ut56fk_yB7Jrj8TYiNfMYiWA3oFrsitzgabyHdC6MhVRcTt-1MkfU_jq9L4A1vjkjlJwJpSlM__dG-9Eg==]
Os marcos da exploração e produção de O&G em 2024 | Editora Brasil Energia. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJTqbBSxeJsmTgtmt87yj0EPjfqar26yCxelRP5qneawz7sGfTHcpPU7SwWYgz416e-G6QUjQDtpm9pH7gFZn-kpTIXggecrUN58_x8Va11f45xsoiJ786XdaCbbQk_tqubYwDHYfBwLRrTH-rRpfLR3oEHtpFxd80gkiAhbmWM2qfwoXylI6it4-Vms8tm3q0=]
Mercado livre de energia no Brasil está concentrado em 20 comercializadoras - InfoMoney. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJHr107-d5jGf-wQwUUF_CWtRLG5faBhvqQxUoUfgN0BYUzsPigwFqCc8zL-lG0tsETy2CTRruCmClk-8qstf3mCpxb5tydtOFnnWK8MFujoDn7rNodMy9HBPxFA0V7uDn0AB2_BeNUDax5w-2nx6NHq5_5N0TC6QEat_9Piv1atJCtxIOt154buStZ_dJo5IeulfjWNvugIy9v8VX2PKkH3eVEqAVlhFM=]
Categoria:Empresas de geração e transmissão de energia do Brasil - Wikipédia. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALv4Ssq7Pc5cYPI2YNn1lAAEBe42iOJ8m7kPDsgGNSaFpbKftP6u3gt06L7XS73ea1lXgsCBkYAKOKJHM37_23gcPLifWUdi-uJ7PyPbsmeKr9UkGcklWirhgz6kry8z_9Ky6Foc_UE0-lAxbAUro1NWqF9T2Bsky0YDq51i8p4TlbJZFCDOK2GtFrE4E7It1dZR7iFQQ21XPK_8uxSae4dTgR-]
Bem-vindo à ANEEL - A ANEEL - Conheça a Agência Nacional de Energia Elétrica. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALt6BqRkyiwxp67z7qSmOF7y5oNENByiCSGaoRxA7egHNcbHo7fWXXlIXS1d8pOrW4HCJAZu13XZ4DdjLsJFy3UoBbQyWVE_58UevSHDbLeaTwUUHI5HY63e66mMa7j5XWEP6bsQTjLlycI60ZGLpjxpMPL3tYgLYQEaMqhhrFRFySXAwRkPKondrVuGdxZcnQu_xN1mHcWT-3fQ_K36mLrR3v5EBCe9nZCeT1MHgqDWTfPU_QtOz2-PX5pHXndfZAZTCvvblVYTOlFpQmGS8mRYGerep5xHiATDvgQfKlTTP8MDvw4NyJqgPBuE1RkZvWB01NPmroZtj]
BOLETIM DE EXPLORAÇÃO E PRODUÇÃO DE PETRÓLEO E GÁS NATURAL — ANO 2014 - Ministério de Minas e Energia. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK2o9JMKCHUDzFIjzcnYLTfT93ZtH36gsUl_XNvQivUAEqLMmCcE7UwwwWfvBIIsne8BCxu81uCun-wNgr3FS1xCRwPpil6d6OTC6qsPIgYo51BL_sfnZdTZC3YvQq-lVqm9rFiz3cUo4eHBnaTePbkXQWWCpsP4JgeEhbnFEomOYvpqR4p3LCXHXH7P3A825xpaSbaTBsHZkrIm4Hb_dZT9_sPBGdVYg7Fo7KIcKLQZxkS6arK0SLyDVpbKgkeSRGMal5gEsSuHsnd8ROOfNauX3BzK_EiqWRbJ1SWen7PsLgr8flJ42qgwjjCzYLDnbQXsHheyUfxv1mCVgulBqkNEKJuvW-Gz6J0VWeTCUlB8_PbZw==]
Volume das reservas de petróleo do Brasil é o maior desde 2014 - Poder360. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALKy9BT5mwHdLm57s5kckMd9EmCaET5DZltgackZuRpyXeg3s_hND6yZaHYmcmQo_vUkpnKOypqAF3ESziYcws5IojP-bcGGKKTHmbDKE3bc1rW9g04YuOxUioOkumDL8x3UUWZWgtrWhJqFU6ROZz6HjZA-KglWV8Sen-jXQdWmkiP1fYQ-G7l9SSCS0QWzD13CEuZG1Zvs9w==]
Quais são as maiores empresas de geração de energia no Brasil? - Canal Solar. [https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAJfopoeZDUzu7w12FrkF9qYx7MtlvbpHVvfOHKCEubdmZVwYSUu9J66Ujqin06Eufx2wapzWcW0oSAX3wqbTmIjGHO89xlqsIdlPM2u7Tt7v5T86nK_qz1bldA9KpR2WUtncEC9RLFtEPLZ5keKOBxm2CWrCzXt74s=]
Tamanho do mercado de energia renovável no Brasil e análise de participação. [https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAL8KYWUl8w3zVhs1uTOHUA_9mOXNB7aBzVt25Qy5YIejIs73-8AypdPMYPdh9K52x335LPxupKk90LI-SZhbpMKvtuyXwwlHvf_d9ZuacuZqPUxEXmSosw9EcAFCLm_GIX8pR1n-3SXdWfcoM9DD1QXW98BehaOvcvd1A7XzaY1jpgIj12J8lP_M35Q]
Distribuição de energia elétrica: papel das empresas - Replace Consultoria. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALCnBn3jWK_mVc03KdmorHPeK7wuf_1NmgSs4fKyyKv47v8tOLrV5Y068R5zS4V34pqLRV2IAWYTaCestbvx65QqBhKk-vEUbLmdE1g2W0kZt7dvxnDau6RkZlTRVOgGJRNa8VLQSAp3GNtc8qgXpvcMCOE7beu7MtblQ2wDM=]
Crescimento de energia renovável brasileira equivale a mais de 3 usinas de Itaipu - CCEE. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIPNLLP4tuQifWxL84ByRn0_addvTnQu7I44oDoc7H6Axz06jOyFDnAKzhEr69lmU-d8VVXS-ZPznGnDJnAIwfcNjtW62-Y8JFQUu22RXpEC3JUIqs-oZX7RM9tXEIiNKbThZK9cD1RDknLgHsavGvECDkHhEfwTXl45eFXyirJUuZTwZwi7HhWmrwnH5WtQJvU-5mYZ1khUDwdfTahzmtxag==]
Empresas do Sistema | Petrobras. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIT_rGPP-vqZFMXXE74Iwue5F5grUojwRqrEWQZDFbcCnG5xst6VVwSYElbbuz9-mzZsqLS7NQgcOydX_XfnnuyJsAKbsa49BPM8VJ5P1FumKr0LW1aJ_aNE2sY-rflBqFGdCq7Bb47TSJZmXa6fr87-fO1A8Ik8A==]
Maiores empresas do Brasil: conheça quais são e características - FM2S. [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK63fwVOA01tR5ROMG0MexpWvMsf8hHdHerpPsoR31Vx6l6k-8_nT2zweiogHH5MRfaPqikqjG8DF6AiJGW4o114WrVk-FuFwT75JaUbdX0X74DcFJg8SBaKcjlJNf39392CiSO8GrXlVoSO9B]
Top 10 maiores empresas de petróleo do Brasil e do mundo em 2024! [https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALxd36sh1SnmaXwdAEudCMZAIRjh7yJnMGg0_0SplToDHUOYgvCxUjQ5g-FTH_G34AZcMjq4fcuZLiwOQ1cQutpGYx3IdVkvt7zTF8kzz-Vc-vUH9cFHK4ZhFM50JY6ziwEy2S_1i8ydVNV1480uXLrfDDbPekR5GamWTEWH0XEGI2EDbGsRJn5j1Ud6z5UB61cOqfRJC39yg==]