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Value Chain Analysis of the Oil & Gas in Brazil

Commercial Relationships

The commercial relationships within the Brazilian Oil & Gas value chain are complex and multifaceted, reflecting the industry's structure, regulatory environment, and the diverse set of players involved. These relationships occur horizontally within each segment (Upstream, Midstream, Downstream) and vertically between them. Petrobras, as the dominant state-owned company, plays a central role across all segments, influencing many of the key commercial dynamics, although the market has seen increasing participation from private and international players, particularly in Upstream and Downstream.

In the Upstream segment, the primary commercial relationships are centered around exploration and production activities. This involves significant interactions between oil and gas companies (IOCs, NOCs, and Independents) and a vast network of service providers and equipment manufacturers. Oil and gas companies acquire exploration blocks and production concessions from the Brazilian government through bidding rounds managed by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). This relationship is governed by concession or production sharing contracts, which define the terms of exploration, development, and production, including royalties and government take.

Once concessions are secured, oil and gas companies contract specialized service providers for geological and geophysical studies, seismic surveys, drilling operations, well construction and completion, and various subsea and topside services. These relationships are typically structured through service contracts, which can be lump-sum, day-rate, or performance-based, depending on the nature and risk of the service. Examples include contracting drilling companies (like offshore drilling rig operators), seismic acquisition companies, and well service providers (cementing, logging, completion). Equipment manufacturers supply everything from drill bits and pipes to complex subsea production systems and platform components. These are typically procurement contracts, often large-scale and long-term for major projects. Independent oil and gas companies like PRIO and 3R Petroleum also engage in commercial relationships to acquire mature fields, often from Petrobras's divestment programs, through asset purchase agreements. These acquisitions are followed by significant investments in redevelopment, requiring further contracting with service providers.

Vertically, Upstream players primarily sell their produced crude oil and natural gas. Crude oil is typically sold to Midstream operators for transportation to refineries or export terminals, or directly to Downstream refining companies, often under long-term supply agreements or spot market transactions. Natural gas sales can be more complex, involving contracts with gas processing plants (often owned by Midstream or integrated companies) and then with transportation companies and large industrial consumers or local distribution companies (LDCs).

In the Midstream segment, commercial relationships revolve around the transportation and storage of crude oil and natural gas. Pipeline operators, such as Transpetro (a Petrobras subsidiary, although not explicitly mentioned in the provided Midstream player examples, it is a major player), transport crude oil from production sites or terminals to refineries and natural gas from production sites or processing plants to distribution networks or large consumers. This is typically governed by transportation service agreements, where Upstream or Downstream players pay tariffs based on volume transported and distance. Terminal operators manage the loading and unloading of crude oil and refined products from ships, pipelines, and storage facilities. Their relationships involve service contracts with oil and gas companies or trading firms, charging fees for handling and storage services. Shipping companies, utilizing oil and gas tankers, are contracted by Upstream companies (for crude export), Downstream companies (for crude import or refined product transport), or trading houses. These relationships are based on charter agreements (voyage, time, or bareboat charters). Logistics providers coordinate the complex movement of hydrocarbons, often acting as intermediaries and entering into various service contracts with players across the chain.

The relationship between Upstream and Midstream players involves the transfer of ownership (or custody) of the hydrocarbon at a specific point (e.g., at the production facility tie-in to a pipeline or at an export terminal). Midstream players earn revenue by providing the necessary infrastructure and services to move and store these products.

The Downstream segment involves refining, distribution, and marketing. Refiners (like Petrobras and independent refiners) purchase crude oil from Upstream players or import it. These purchases are typically governed by crude oil supply contracts. Refined products (gasoline, diesel, LPG, jet fuel, etc.) are then sold to fuel distributors (wholesale). This is a key commercial relationship in the Downstream segment, often involving large volumes and complex logistics. Distributors, such as Vibra Energia, Raízen, and Ultrapar (Ipiranga), purchase fuels from refiners or importers and transport them to their primary and secondary distribution bases. The commercial terms involve pricing based on refinery gate prices or import parity, payment terms, and volume commitments.

Fuel distributors then sell these products to a vast network of retailers (service stations) and large industrial or commercial customers. The relationship with service stations is often based on branding agreements and supply contracts. Service stations operate either directly owned by the distributor, through franchising models, or as independent stations with supply contracts. LPG distributors purchase LPG from refineries or import terminals and sell it to resellers and end consumers, often through a network of smaller distribution points and delivery services. Petrochemical companies purchase feedstocks (like naphtha or natural gas liquids) from refiners or gas processing plants, governed by long-term supply contracts. The relationship here is based on the stable supply of specific hydrocarbon inputs for their manufacturing processes. Foreign trade agents are involved in the import and export of crude oil and refined products, facilitating transactions between international and national players.

Between the Midstream and Downstream segments, the primary commercial relationship involves the delivery of crude oil to refineries via pipelines or terminals and the delivery of natural gas to gas processing plants or distribution networks. Refiners and gas distributors pay Midstream operators for these transportation and storage services. Conversely, refined product distributors utilize Midstream infrastructure (pipelines, terminals) to move products from refineries to distribution bases, paying transportation and terminal fees.

Overall, commercial relationships are characterized by a mix of long-term contracts, particularly for large-scale infrastructure and supply agreements, and spot market transactions, especially for crude oil and refined products depending on market conditions. The regulatory framework, overseen by the ANP, heavily influences these relationships, setting rules for access to infrastructure, pricing mechanisms (especially for natural gas and, historically, for fuels), and quality standards. Divestment programs by Petrobras have also reshaped relationships, creating opportunities for new players to acquire assets and establish their own supply and logistics chains, leading to more diverse commercial interactions.

Products and Services Exchanged

The value chain involves the exchange of a wide array of physical products and specialized services at each stage and between segments.

In the Upstream segment, the primary products are: * Crude Oil: Extracted from reservoirs, processed to remove water and basic impurities, and prepared for transportation. Traded in various grades depending on density (API gravity) and sulfur content (sweet or sour). * Natural Gas: Extracted from reservoirs, processed to remove impurities (like CO2, water, and H2S) and separated into dry gas (methane) and Natural Gas Liquids (NGLs). Traded based on volume and energy content.

Services exchanged in Upstream include: * Geological and Geophysical Services: Seismic data acquisition and processing, subsurface mapping, reservoir characterization studies. Provided by specialized service companies to oil and gas operators. * Drilling Services: Rental and operation of drilling rigs (onshore and offshore), provision of drilling crews, directional drilling services, well cementing, and logging. Contracted by operators from drilling contractors and well service companies. * Well Services: Completion services, intervention services, stimulation (fracking, acidizing), artificial lift installation and maintenance. Provided by specialized companies to optimize and maintain production. * Subsea Services: Installation, maintenance, and inspection of subsea equipment like trees, manifolds, and pipelines. Provided by offshore service companies. * Engineering, Procurement, and Construction (EPC) Services: For the development of production facilities (platforms, FPSOs, onshore plants). Contracted from engineering and construction firms. * Equipment and Material Supply: Drilling pipe, casing, wellheads, pumps, compressors, valves, process equipment, and production chemicals. Purchased by operators from manufacturers and suppliers. * Consulting Services: Reservoir engineering, production optimization, project management, and environmental consulting.

In the Midstream segment, the main products transported and stored are: * Crude Oil: Moved from production sites to refineries or export terminals. * Natural Gas: Moved from production sites or processing plants to distribution networks or large consumers. * Natural Gas Liquids (NGLs): (e.g., propane, butane, natural gasoline) separated during gas processing and transported to petrochemical plants or distribution centers. * Refined Petroleum Products: (e.g., gasoline, diesel, jet fuel, LPG) transported from refineries to distribution bases or consumption points (though movement of refined products is often considered a downstream logistics activity, the infrastructure overlaps with Midstream).

Services exchanged in Midstream include: * Transportation Services: Pipeline transportation (tariffs paid for volume/distance), maritime shipping (charter fees for tankers), road and rail transport (freight fees). Provided by pipeline operators, shipping companies, and logistics firms. * Storage Services: Rental of storage tanks for crude oil and refined products, or natural gas storage facilities. Fees paid by owners of the product to terminal/storage operators. * Terminal Services: Loading, unloading, and handling of hydrocarbons at ports and terminals. Fees paid for throughput and services. * Logistics Management: Coordination and optimization of transportation and storage activities. Provided by logistics companies.

In the Downstream segment, the primary products are: * Refined Petroleum Products: * Gasoline (Gasolina C): Fuel for spark-ignition engines. * Diesel Fuel (Diesel B, Diesel S10): Fuel for diesel engines, with varying sulfur content. * Liquefied Petroleum Gas (LPG): (Gás Liquefeito de Petróleo - GLP) Primarily propane and butane, used as cooking fuel and for heating/vehicles. * Jet Fuel (QAV): Fuel for aircraft. * Naphtha: Primary feedstock for petrochemical production. * Fuel Oil: Used in industrial boilers and ships. * Lubricants: Various oils and greases for engines and machinery. * Asphalt: Used in road construction. * Petrochemical Feedstocks: (e.g., naphtha, ethane, propane) supplied to the petrochemical industry. * Biofuels: (e.g., Hydrated Ethanol, Anhydrous Ethanol, Biodiesel) often distributed and marketed through the same channels as petroleum fuels. * Other Derivatives: Paraffin, solvents, etc.

Services exchanged in Downstream include: * Refining Services: While refiners primarily process their own crude, they can conceptually be seen as providing the service of transforming crude into valuable products. * Distribution Services (Wholesale): Transportation of refined products from refineries/import terminals to distribution bases. Provided by distributors or contracted carriers. * Marketing and Retail Services: Operation of service station networks, fuel sales to end consumers (vehicles, industry, residential), branding, and loyalty programs. Provided by distributors and service station operators. * LPG Resale and Delivery: Local distribution and delivery of LPG cylinders and bulk supply. Provided by LPG resellers. * Foreign Trade Services: Import/export facilitation, customs clearance, and international logistics for crude and refined products. Provided by foreign trade agents.

The flow of products and services creates a complex web of transactions, from the high-risk, high-value exploration services and crude oil sales in Upstream, through the infrastructure-intensive transportation and storage services in Midstream, to the high-volume, lower-margin product sales and marketing services in Downstream.

Business Models

The business models employed across the Brazilian Oil & Gas value chain vary significantly depending on the segment, the type of player, and the specific commercial relationship.

In the Upstream segment, the primary business models for oil and gas companies (IOCs, NOCs, Independents) are based on exploration and production (E&P). Under concession contracts with the government (ANP), companies bear the exploration risk and, if successful, have the right to develop and produce hydrocarbons, selling the output in the market. Revenue is generated from the sale of crude oil and natural gas. Under production sharing contracts (common in the pre-salt), companies share a portion of the produced oil or gas with the government in addition to paying royalties and taxes. Independent companies like PRIO and 3R Petroleum often focus on a "acquire and redevelop" model, purchasing mature or marginal fields from larger companies (like Petrobras) at potentially lower costs and applying specialized techniques to increase production and reserves, aiming for higher returns on invested capital.

Service providers in Upstream typically operate on service-based models, charging for their specialized expertise, equipment, and labor. This can be structured as: * Day Rate: Charging a fixed rate per day for the use of equipment and crew (common for drilling rigs and offshore support vessels). * Lump Sum: A fixed price for completing a defined scope of work (common for seismic surveys or specific well interventions). * Performance-Based Contracts: Payment is linked to achieving certain operational targets or production outcomes, aligning incentives between the operator and the service provider. * Integrated Service Contracts: A single contractor provides a bundle of services (e.g., drilling, completion, and well testing), offering potential cost savings and efficiency for the operator. Equipment manufacturers use a product sales model, selling or leasing specialized equipment and components to operators and service companies.

In the Midstream segment, business models are primarily infrastructure-based and service-oriented. * Transportation Operators (Pipelines, Terminals): Operate on a tariff model, charging fees for the use of their infrastructure to transport or handle hydrocarbons. Revenue is volume-dependent and regulated by the ANP for shared infrastructure. * Shipping Companies: Operate on a charter model, leasing their vessels to clients for specific voyages or periods. Revenue is based on charter rates. * Storage Operators: Operate on a rental or throughput fee model, charging for the use of storage capacity or for the volume of product moved through their facilities. * Logistics Providers: Use a fee-for-service model, charging for the coordination and management of transportation and storage activities, potentially adding value through optimization and risk management.

In the Downstream segment, business models are diverse and focused on refining, distribution, and marketing to end consumers. * Refinery Operators: Revenue is generated from the spread between the cost of crude oil and the selling price of refined products (refining margin). The business involves optimizing refinery operations, product yields, and feedstock sourcing. Petrobras operates most of Brazil's refining capacity. * Fuel Distributors (Wholesale): Operate on a volume-based margin model, buying fuels from refiners/importers and selling them to retailers and large consumers. Their profitability depends on purchasing efficiency, logistics cost management, and sales volume. They build large distribution networks. * Retailers (Service Stations): Operate on a retail margin model, selling fuel and convenience store items to individual consumers. Many operate under franchise agreements with major distributors (like Vibra Energia, Raízen, Ipiranga), benefiting from brand recognition and supply reliability, but adhering to the distributor's standards and purchasing requirements. Independent stations source fuel from various distributors. * LPG Distributors: Operate on a distribution and delivery model, purchasing LPG in bulk and selling it to households and businesses, often managing a network of resellers and a logistics system for cylinder delivery. * Petrochemical Companies: Operate on a manufacturing and sales model, purchasing hydrocarbon feedstocks and transforming them into a wide range of chemicals and plastics, selling these products to various industrial sectors. * Foreign Trade Agents: Operate on a commission or fee model, earning revenue by facilitating import and export transactions for crude oil and refined products.

Integrated companies like Petrobras utilize vertically integrated business models, controlling assets and operations across multiple segments to capture value at each stage, manage supply chain risks, and optimize overall profitability. However, even integrated players engage in commercial relationships with external parties for specialized services, equipment, and accessing markets they do not fully control.

Bottlenecks and Challenges

Based on the intricate commercial relationships and operational dynamics within the Brazilian Oil & Gas value chain, several key bottlenecks and challenges can be identified:

  1. Dominance of Petrobras and Market Concentration: While the market has opened up, Petrobras still holds a significant, often dominant, position in several key areas, particularly in Upstream (as the largest producer with significant pre-salt reserves) and Downstream (operating most of the refining capacity and having a large distribution network via licensed branding). This concentration can limit competition, affect pricing dynamics for other players, and create dependencies. Independent Upstream companies often rely on Petrobras's infrastructure for processing and transportation or negotiate terms that can be influenced by the incumbent's market power. In Downstream, distributors are highly dependent on Petrobras's refineries for supply, and the limited availability of crude suitable for some older refineries necessitates imports, creating reliance on international markets. The sale of refineries aims to address this, but the process is complex and attracting independent refiners with sufficient capacity and feedstock flexibility is a challenge. [Source: Provided Context, 50, 55]

  2. Infrastructure Capacity and Access (Midstream Bottleneck): Despite significant production volumes, particularly from the pre-salt, the existing Midstream infrastructure (pipelines, terminals, gas processing plants) may not always be fully aligned with production growth or the needs of new, non-Petrobras operators. Limited capacity or restricted access to essential transportation and processing infrastructure can bottleneck Upstream production, preventing it from reaching the market efficiently. While investments are planned in new pipelines, the development of Midstream infrastructure often lags behind rapid Upstream expansion. The need for shared use of infrastructure, mandated by regulations, can still face commercial and operational hurdles in practice. [Source: Provided Context, 50, 52]

  3. Refining Capacity-Product Mismatch and Import Dependency (Downstream Bottleneck): Brazil's refining park, largely operated by Petrobras, has a capacity that is not fully aligned with domestic demand for certain products, especially diesel. While Petrobras is investing to increase diesel production and modernize refineries, the country remains a significant importer of refined fuels. [Source: Provided Context, 50, 55] This creates a dependency on international markets, exposing distributors and consumers to global price volatility and affecting the commercial relationships between refiners and distributors. The structure of relationships, where distributors purchase from refiners or importers, means this import dependency directly impacts their sourcing strategies and costs. The current refining capacity is projected to increase, but imports are still expected to be necessary in the coming years. [Source: Provided Context, 55]

  4. Regulatory and Political Risk: The Oil & Gas industry in Brazil is heavily regulated by the ANP, and strategic decisions, particularly regarding Petrobras, can be influenced by government policy. Changes in regulations related to local content, pricing mechanisms (especially for fuels and natural gas), environmental requirements, and bidding rounds can create uncertainty and impact the profitability and commercial terms for all players. The government's influence over Petrobras's investment decisions and asset sales can directly affect the competitive landscape and opportunities for private companies. [Source: Provided Context, 54, 56]

  5. Environmental and Social Concerns: Increasing global and domestic pressure regarding climate change and environmental sustainability poses challenges. Oil and gas companies face scrutiny and potential regulatory hurdles related to exploration in sensitive areas (like the Equatorial Margin), operational emissions, and decommissioning of older infrastructure. Social license to operate requires strong relationships with local communities, addressing concerns about environmental impact and ensuring local benefits. These factors can add costs and complexity to operations and influence investment decisions, impacting commercial relationships with service providers and local stakeholders. [Source: Provided Context, 5]

  6. Access to Capital and Investment: While the E&P segment attracts significant investment, particularly for pre-salt development, securing financing for mid-sized independent operators or for large, complex Midstream and Downstream projects can still be a challenge. The capital-intensive nature of the industry requires robust financial models and investor confidence, which can be affected by market volatility and perceived regulatory or political risk. The ability of players to enter into major contracts (EPC, long-term supply) is directly tied to their financial capacity.

  7. Labor and Skills Shortage: The highly specialized nature of the Oil & Gas industry requires a skilled workforce. Finding and retaining qualified personnel, particularly for complex offshore operations, deepwater drilling, and specialized engineering roles, can be a challenge, potentially increasing labor costs and impacting operational efficiency. This affects the relationships with service companies, many of which rely on highly skilled teams.

These bottlenecks and challenges directly influence the commercial relationships by affecting supply certainty, pricing power, infrastructure access, investment attractiveness, and operational costs throughout the value chain.

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  • 3R Petroleum (RRRP3): produção cresce 9,1% no quarto trimestre de 2023 - Suno. (2024-01-08). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIVIx0j7yY7xPt9kmXoe_8DgsAhQ4qkxf2WvTHbdjCy9lAFhLnow5XXBexYMGges-1AibaOYWyjjHUuql3wiba7SybvMQOwVPGy5Y1b0C3D-olWbBDMi_XKh1-CU5If0Yde9mFszzzZxfUEKOvBBa2XBDsnDXFN
  • 3R (RRRP3) tem alta na produção de petróleo em 2023; confira - E-Investidor - Estadão. (2023-04-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK4DFlKpdGftBNP6A1Jq0K8o76DlZ9NQ03nVcdMulK42gyGLngL-ehG01UZKhjs-wsoUTWMzTajlZv-hOMcdIEx1BQSr-g4TtkffFJ4jwQAfrQTpoJOf4Hkg_Ezu9kB4dIxPuSe00rQOheoCOcUWNiXEcBqF5aKJqhRYRHE6KGP2tGQHyKAxIS3PS1qA_FOvTcTrJsadZ6l
  • 3R Petroleum (RRRP3) pode mais que dobrar produção em 2023 - Investing.com. (2023-01-23). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALaJDxMDZk0jPmM1iMYf_NfeKJA5agFRNv-V1kn_xQn81MmHdZYCAlhFmrjZX4xiUy3FRVfScoW63bqwl0JKR2Q2I1Y-1hsdBm8GlyBxRbNmI9HVxxgvwhS36_T5MVwdnWAgcLT_eteY2yQK-ANpaQJrefcAR-zC-oGEz1wYV2Stoy-NmQdCvbIrArA-t2zMgpLSoxNMsmU2-n2ac6b
  • Shell planeja investir R$ 3 bi em nova marca de energia renovável - Exame. (2021-09-21). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKDv5-HEotWBJvDCeV4sFgOF9NdEcRJJG3iybK95FKBXw-ZlNZwW6NU6FuY0-20I4CEYwmIJ1QUabmMpQ8WSqTOlgIyZ_Jtfvluqxp0p73Xm3TF2F4ew5kg-4FuKSRzTcf08YA42upraPZGpGZ_WWEphIKGe3q-NknYOmU0f0qnC9Wot1wHPbyC
  • Shell abre o jogo sobre planos de investimentos no Brasil até 2025 - Seu Dinheiro. (2018-10-18). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK5aMfiNkntca8W66s0UBVsNg9PDbh_HQt-lAVh62GYSHaZ_m73ib7qdor2WkMvZvJ5WE8swzhtDvnYFbUBd7U8xhzw7J7YTcpWbNb-7YxwNTJ5Dp0dQgWEEH09gibfEXGUz6eMvt3jw0LT2nJAGbgRPkkGs1W6nRp55YlEyoYj-W3kXDYcbMOQKkUSsoOwFj2MKvUnFuSgNthnHhPdbWFF
  • Produção da Petrobras aumenta 3,7% em 2023 e bate novo recorde - Poder360. (2024-02-08). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKKGy9Rm3RKrhY25PlTffFKNeWLqd5epbm-wo5o6wsSGx-DuEP-qqywWOfn4qgPTsqL_eoUbN6tj_Qw4Ny4bi5Lrb25Q6KrRLtEc1eJSBW0vqVjuB4sSttH7hmdTYz8HEgC85nESTB-B53e7aqp8tlzM3UHcfy9ki2T817zeyRz3bw-haR-4s9gHakv-jS37lUeP3jep5UL
  • PRODUÇÃO ANUAL DA PETROBRÁS EM 2023 CRESCEU 3,7%, ENQUANTO A VENDA DE DERIVADOS TEVE RECUO DE 0,5% | Petronotícias. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJSB2k92w5Fu3EuSomZkwn5EYpdAzX5l9JUdwOZC5pAWv2WzhEY6__rXY1Q3-BtYDKhXIDyQbjo0HJ1R3J6F5yGzu2psUEmrGW6Wn4EZPSCz_gimV6UPylJBZjQIowO_Oj3BQ6B1Q4W8LCQ9MQsxQh6Y3dnCu68KT6hNglsdeXkvTti7ZPJEmSrPjxGFX45A-JFWOW-Y6NoAtW8ntmvzc2oTGh6VVwFE8x1WPWs2TfQ1a4Y=
  • 3R Petroleum (RRRP3) conclui aquisição do Polo Potiguar da Petrobras (PETR4) por US$ 1,098 bi após aval da ANP - InfoMoney. (2023-06-07). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJXJOul7Z6ajry6HOmZ2K6GdoIQpcbjZwiCkIBsxR6mpUJmxJr1BWOIk-_Xx091hRM2nu7WCZvP1TJML1uGtUd67NqwtS37iL5zDNFTFnUXb8ttfMTjBjj3gWwU9HV4OWSrsww2FMpbwjLb2w8g9CuKfjL2bZWz7R5yqNZrNY6hFzu7r_QU3AxJxROYo21rcu3uCBDZvXsJUmhDdVzFaiydktUB3HLNL2R_QL7y9Qv1aj4gzHdhdQ1PT0Kj0SemGQ4wL_7qAnQ=
  • Lucro da Vibra (VBBR3) salta 234,7% no 3º trimestre; confira o balanço - E-Investidor. (2024-11-05). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIaotYghjjCL3s5kXLiIINIBpuLmA4vQbeUodQwVcGuLqwefnc7zOZ5VXT3ZsWnr6Y8IxpCaqFhz59Mc6dVUu74rJ8ODfTM4RXOW6lIFG1Er6kiDTNxbwkT8f08jsHv_0PYQz3oAjWXvGb3bnoh-PWhuKdBg_NhBZ4gK8MIQP54nboDU0OcYLXu99sgy226f8f2FQ==
  • Raízen fecha o 2º trimestre da safra com EBITDA Ajustado de R＄ 3,7 bilhões e lucro líquido ajustado de R＄181 milhões. (2023-11-13). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJet_PZdUT9N--oMQM3wGRmZmhzU7g9f1YtT72yCiBftpek_KlH7IKEfzyVU9CXQmNzjKANpJ44929U7vsfEn_rtkWcD1wsEi1xP1l4pJJwj8qUWVTMhMrNKueN9zQzgRB1UXSUd22XilzRoAtpWC6_RTXe4IEbRKvRgG2DiuTkV6X4wslVZ-IrZykwsvDexW_RbgEh3ZH5dPK_GNbVoZpEgSpo96_RHSCmstzVA7gkNfYiAc78m7ZEbbPElkPy_awHVTFkYAjGmykIRIzyz41-X-Wi3-8=
  • PRIO (PRIO3) com quebra de recordes em mais um trimestre - Nord Investimentos. https://vertexaisearch.google.com/link?id=5748185472206918911&lc=pt-BR&signature=ADL8S_3B2y1r4f0G3i7d5U9k8M1b4Z7v5X3q8C5r9S0t3h5z5Z8q2J7h0H6x2T0B9O4Z7U5K8Y1V5W8B0X3Q4K2J8Y1W6X9E0L0Z3
  • 3R Petroleum (RRRP3) diz que novas aquisições e follow on são ... https://vertexaisearch.google.com/link?id=2741613909053566305&lc=pt-BR&signature=ADL8S_1X4g6W0q6A7m9Q1p2Y4Q7o1W2J3p8J0d3L2r4R5x1e2Z3r7F1j2X4e5T9O4Z7U5K8Y1V5W8B0X3Q4K2J8Y1W6X9E0L0Z3
  • MM 2023: a Petrobras se consolida como a maior empresa brasileira - Exame. (2023-09-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKqudEY8NhHjBkjrbp-4jOVJ6PWmxcAMg6G8-wirV67i2F-BkTGgxl4ZV4KMOxq_wMCSd7KZ2M_PtV8ok6lL-L7beUz9KWMj0W8H12vcCMX6pn5wv4FBizBVHgzr1roLiV8IF2u-u2Bd5i2EQ==
  • As 100 maiores empresas do Brasil - Aços Piasentin. (2024-11-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ4EqD7MPkVja3RUZ8ZbVpLEBSRvAP7fmGcFJDN_AmsqFvFHJp8LsZSyQq1ikUsC5nCgvBAv6B1HPIVuxb6bTqj1HpWSP5m0TAASC5t1yzuiqKrlyDq3dxNJNXJE3fHpecHs8HpF5naqKpgkEcvhTT4k9rkaAQf3nbxidz_MYEdJo2q21A=
  • Raízen tem lucro líquido de R$ 1,1 bilhão - Poder360. (2024-08-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK_LgoD0UaEEH2_lo-LW3H63XpYbczDKj6z-aWwRbcGxIpIaI_feN5fbyuci2LynlFCHIpiWx4fuoAojdKipvjc87ffxMSzjrBO8FL3t8uc9nGGpcJpPqavv0_1UVFTT7Gj6FllvZmSLPtsAIsQ8OuW2R_ysoy8vpra3tjnVxQ58hqj2BHzwptYGA==
  • Vibra (VBBR3) vê lucro crescer mais de 5 vezes no quarto trimestre, para R$ 3,3 bilhões. (2024-03-04). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIrzFhkj2rl7gTsnPm8Kv0SJwDSB73zBSIfPLHBehbPbd0vY75avwMtJdqgbxoGlTUvrwuXxqATF9kgYAPXoH7RUj4Nb_xQDvdGsR_-gc1ITut-5caXl5ZIeqKNBCcOq7IeDcq-cIuApr5NhY_Cx64AY_AQjdmYuIjO6sDpSegTmcf5XMgtJ2iLZA==
  • Quanto Prio (PRIO3) produziu em 2023? Veja números preliminares - Money Times. (2024-01-04). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIhQ65VmGUV09Onj_qcforTzfs3SwNpXBMMBH61gIyESFLtRjkGXNe01NbgdOt9cXu1JRtaUGYEJYMKeU3eT3roWMgLbSU-av35ayYKaKis2Kh0ndJoqAUEKLcAFJwyF_OOUYk3Dub6NXnZgsBrjcC8dqY6HMCpBebnD9w6tE6MI2EiOWcKNV1JJ_yVEC2aVm-e
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  • Anuário Estatístico Brasileiro do Petróleo, Gás Natural e Biocombustíveis 2023 - Portal Gov.br. (2023-10-26). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIN_-9WIg3_zf1q8mTmsB3TXyqIpTDwhmIyvn_AKRT2lshlKpHUjSCLOMtCYUJbJj6Hltns1yCzYQlI02PWBcuvad6RSF_TanGLI IBVUtBVBOfpMFJ96L9yElV7iIxjhxFsLHV2Ik3AgXc73pKvIzxGWq21f-7Xv-qKhsIGrITOGkckUZUDck--dVmyFOqbZ-ZX5iJ1rmDJAZ2qTe6kA1eCvoekMMnmIMAbElu1qA==
  • Vibra Energia – Wikipédia, a enciclopédia livre. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJmwkGm8VcmCtpA1M9_5ji1Tp3Anbp7L20GLIV0u79sb_Ah13hGJZ0k3InnRO4ljfArrPslW9AXSEvHvBnPmXV-bfFCMXzSu9OG8jTZzTMWhWpJn5jFy9j5RFhjtzbttcN
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  • Ranking das 1000 maiores - Valor Econômico - Globo. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJxNYsWdwgz4CnKvU80JGTIRKVtjuhCnn3putxlp3CvqsHtVjiUGY59UxOJfFnX0SGUErk7hDq_ZmexirSqkkjriJPMwsCJCi4Uw0pOgrpZRgDhy67hQI1-c1VmmZNax4-fc2OKZ6Q2WP35zKxoHYMI901a5qRqePLxbUu_3ms59up4rAtj6rxY4y-6
  • Lucro da Shell a US$ 7,73 bilhões surpreende no 1º trimestre - CNN Brasil. (2024-05-02). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIw-efV9MTfgsOvYxR8G2RQN0bL_Cef4mBLB1T_RaocNQwr0eAXwV_hWBNOMgpRz8i4l4WKFFAtZYMHtMryFW6Vhs-hMhSC5HHeTNMRyMowGOA6RDaR_VNYzEyHy0vsu2I9MN9VUfSQazAM6cUPvqsAM2V1J-V5zjdjXFp7J-1bPFhm0HSL_XKZWirSzWjtytleZqILiZ-dVNENnwJUrNmO
  • Investimentos em produção de petróleo e gás podem ultrapassar R$ 600 bilhões nos próximos cinco anos (2025-2029). (2025-02-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALOtnDg595WYuTJtFY5AxLyJtnqP3NbIG5y9GmAsnLaKRD2HHHrDfB_jrFzHLzvwB0I5uPZOBGT4JIx_6uRpy1qsgXYOrSB7k2PoUEQ-3WlsjIZapI2_zWd2xwMwgYPs896FFEgZoHtdkYOswCiCaJYdjr03xhmtN4qsQNxl-Wv9Ure4_PqJv63aCVA9zWYnUoTm_hWSPeOTmTufzg_dr-58mt0qSLUDxUj-wPwPlV80RcPric3jo_eseEGXuieRZ6UktriLJhTKY3bVxvcoVduxPKFXD0TRwa1f0RULRs7yqGO4wBAVIONrHEmRUEUHD9DJA==
  • País teve comercialização de mais de 130 bilhões de litros de combustíveis em 2024. (2025-02-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKljN_I7aF7JfLtdedvEhfFWosgjXW_jaFr1DYSInEojTDFSLBfgq2OZCZZfH4UeXYWW9R8I9tI2o5_0TIs7W6djqhrhcQqFktlsnrgTaTGBs7e1ZfgsqQK6XqZOaT7ToDKvbgOT5H7dBVyFfHHbuqzbz4RYVdqdyxF0Ko_MqZZG56RokR4cT7GohMOV8grsXwDeDCGUaoOQvBbzpV7gz5znKFvOU7a6_QzN0R-Dvi1FqdcnfCIqpwdRmnsQxkVVOyL9HMZqt4BnNYRaEUUuznq46tPHuWXLw==
  • ANP prevê investimento de R$ 10 bi na exploração de gás e petróleo - Agência Brasil - EBC. (2024-09-02). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJC4c1lSivXfcPIDz-RIjbH7ce5eigyfLR8t7ICjzlgjYzC5S4OtGEW2_d4Mr7UfJ66IGQT3hLuRIzGqStkPe0Gc9lYONIJzhCtI-MPXM1cDKtQ2jZhHOyvZZm9_Vof3ULs8UsAzrWx4BRL95AlzZReTNjQRIZnqvBw2XianrDK7JcHGvUhLahkIpmh1rThDH-T7oqkFFHjsWNLaQ7PG6DuHGGLyHyNgftIu3BVGGnPe5g=
  • Brasil vende mais de 133 bilhões de litros de combustíveis em 2024 - Agência Brasil. (2025-02-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIn6SBQ9r_ZZbpmpIGme6Dm8f04n_4uevj9tCE-mnWY2fQRi0JTIy3uk0ycRUF_cmVwEiQ-L2jt-LxyXH9vKDMYJMTak1cVW4_pNqFwJr16107rIckTr6J37LXYbD00sZdvKz_15gvawI3e0hNZNkbQZYkG0FTtOsdAF36q1P1hXo4zZDFtqQR-x7Bht_aioHHz4NWW1IFcpSMeDMblYCIqa_4Nc6XzX3e67MletFrNnkIOMDOa-uh4McnfnJY=
  • ANP prevê R$ 18,3I bi de investimentos em exploração de petróleo e gás até 2027. (2024-09-02). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL3U3n1gme8v1QfsyNTi1DbYxMaw5kPZ75ozxiCxUPfi9j8Nln_NYD-U3U1rXUBzIMxg4AF3xPOdmt43RG0V7qsrVdpU_3VplF-PBaRDB_W3Kdec6euMG5Hhnsx2jz9gsZ0rgpQmutpFvzZ3ewpGZMZOiCuPcKNCcGylKrdbrJ7oUvp9zy5OirGEDF3yyraMELmV7HsFJW8aj1PxUSKkPShLCqTDCT847MXQwXHBw6XAw9QPEJIyAcrYeECpN_09Ed0zPil3KvTIaTW
  • Petrobras prevê investimento de US$ 111 billion entre 2025 e 2029 - Agência Brasil. (2024-11-22). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ7RjHVxPnw9OulHpjQMV8bFn-KvsMIlSvJAESPDVyJypW_e3s216xRr9tLQ6pUp13ydyF7wcJXJUCVr_WPeuE-CFbqgjVOcp-Gw0ZgbN92_QpH91mvNLXNUMvntV1_MiXf6r8vk4WfLiVz8-src3OUp1tNl7RDY--ZcNxDrg0p1uOM6Y0pskknMGQOPL-84e7fTBeNFQqwe35aEs1x6YC-MLydDU48QrbikM6wdBYYzg==
  • Cenário para cadeia de óleo e gás é bastante otimista - Sebrae. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK8Uc5Vo9ZBqaC3NN9fAVhZxOF1v9kdWdVa3vEa5pQ3YCVOoxbuEqOk7-4uGdUZiE12M-UmKTyARWyMfhtzrt4raRjo5-NXfHAF7M64gYIvotZvBQvRD6pXZXHe9XuXBy75pHsh5cAfgNR65fLx635I5KAYH3cWLH_rZnK5s_Imya4RNt4UOa3iwcOPjmrVizY1Zh9XNo5GM6bFSUpoXvVDUAkxCIy8VAZ1pqdoaJux_jT8589O_9eCSb9Hjmmxo4DqxgeYrNTB
  • Análise do tamanho e participação do mercado de petróleo e gás no Brasil- Relatório de pesquisa da indústria- Tendências de crescimento - Mordor Intelligence. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKp0gE7wyz9B_ro0B4IsSOJ_JZHli7q1oIOGxHgP_EnneHYNj5-iJwohHTvspyiXJt_16l3TcCTUJwpueNX1uTJ-XGZZTMY3gPlV2aP-LJ2H8O61Gdovk6i6sU28bkVomjnkGvfz1Gzms1mKPBhtTGFXcwuKhQBnWIkQRClh6uIiCU4SbfpzQ==
  • Vendas de gasolina, diesel e etanol cresceram em 2023, diz ANP - Poder360. (2024-02-01). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIYOjIOwd-Y840H6Lr9yFl9OzR28duPnEmczQ7IMH8CQrkcRYowI-tuzzpO_LoZOneX4JNnayXiz6lINdgYDnsYNsxkaaXKEZg_vwnD5apTqqco6nVZmIb1TkBYCnWJF_EDU-j95fLmYIm_HvcykRjQ3YAT7sXiIdECQ6EWl1FKF_ertElM16rigV7gtP1ANhBPYZnmx-Em
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  • Investimentos na fase de exploração dos contratos de E&P podem chegar a cerca de R$ 10 bilhões em 2024 - UDOP. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKMb17d_ctljvvaiULD2-AT_pqRkqKE5tfsYfTgbTxkQ3tfGqSVNW0fpW5FE6Fds-tUd8yWv2Rm6kEBeexad8B9AZukqaf2k96b5rGqsUDclg5O1MQtYRm2plleua9lvnGZD3f35QtggYSWwW_W8F2IvookhWnY7v3roIyQL0LqX6B0yOOpbaQjijCkgcjAgIuYKxtoHOMXxHkzanUlwj_0BZveE9gusL12Dj2ZetrZzzlSWLKRe3JCmKn9lK9U
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