Oil & Gas in Brazil Market Players Analysis¶
Products and Services¶
Detailed report on the top 10 market players with their main products and services.
Petrobras: Petrobras is the dominant state-owned energy company in Brazil, with integrated operations spanning the entire oil, natural gas, and derivatives value chain. Its core activities include the exploration and production (E&P) of crude oil and natural gas, with a significant focus on prolific pre-salt reservoirs. Petrobras is also a major player in refining, converting crude oil into various derivatives such as gasoline, diesel, aviation fuel, and liquefied petroleum gas (LPG). The company is also involved in the transportation and marketing of these products. Recent strategic priorities include increasing refining capacity for diesel and pursuing a divestment program for non-core assets.
Raízen: A significant force in the Brazilian energy sector, Raízen is a joint venture formed by Cosan and Shell. Its business encompasses the production of sugar and ethanol from sugarcane, the generation of bioenergy, and the distribution and marketing of fuels. Operating under the Shell brand, as well as its own, Raízen distributes a range of fuels. The company has been actively investing in renewable energy solutions, including advanced second-generation ethanol.
Vibra Energia: As Brazil's largest fuel and lubricant distributor, Vibra Energia, formerly a subsidiary of Petrobras (Petrobras Distribuidora), plays a crucial role in the downstream market. The company's primary products include gasoline, ethanol, diesel, aviation fuel, and lubricants. Vibra Energia maintains an extensive network of service stations operating under the licensed Petrobras brand, in addition to serving business-to-business (B2B) clients across various sectors like transportation, agribusiness, and aviation. The company is also expanding its presence in the biofuels and renewable energy sectors.
Cosan: Cosan is a diversified Brazilian conglomerate with substantial interests in energy and infrastructure. While its operations span multiple sectors, its involvement in the oil and gas market is primarily through its strategic equity holdings in key industry players, most notably its significant stake in the Raízen joint venture. Cosan's portfolio includes interests related to fuels, natural gas distribution (Compass), lubricants (Moove), and logistics (Rumo).
Ultrapar: Ultrapar is a prominent Brazilian company with significant operations in the downstream segment of the oil and gas industry. Its main businesses include fuel distribution through its subsidiary Ipiranga, one of the largest distributors in Brazil, and the distribution of liquefied petroleum gas (LPG) through Ultragaz. Ultrapar operates a vast network to serve both retail and commercial customers with these products.
Shell Brasil: The Brazilian subsidiary of global energy major Royal Dutch Shell, Shell Brasil is a significant international player in the country's upstream sector, with considerable activities in the exploration and production of oil and gas, particularly in the pre-salt areas. Beyond E&P, Shell is also active in the Brazilian downstream market through its participation in the Raízen joint venture. The company has expressed interest in expanding its operational footprint in Brazil, exploring new frontiers, and investing in renewable energy and biofuels.
Antem: The provided information identifies Antem as a Brazilian oil and gas company. However, specific details regarding its main products and services within the oil and gas sector are not detailed in the provided data. Its inclusion among the top players is noted based on its reported revenue and market ranking in 2023.
PRIO (PetroRio): PRIO is the largest independent oil and gas exploration and production company in Brazil. Its business model centers on the acquisition and redevelopment of mature oil and gas fields. The main products are the crude oil and natural gas extracted from these fields, with a focus on optimizing production and increasing reserves from acquired assets.
Equinor Brasil: As a subsidiary of the Norwegian international energy company Equinor, Equinor Brasil has a significant presence in the Brazilian E&P sector, focusing on pre-salt discoveries and production. In addition to its upstream activities, Equinor is also involved in renewable energy projects in Brazil, including the development and operation of solar power plants.
TotalEnergies EP: The Brazilian arm of the French multinational energy company TotalEnergies. The company is actively engaged in the exploration and production of oil and gas in Brazil. TotalEnergies is a significant foreign producer in the country's E&P landscape, with interests in several key blocks.
Comparative Table: Volume and Revenue Growth/Decline (2024 vs 2023)¶
| Company | Main Products/Services (Relevant to O&G) | Volume Change (2024/2023) | Revenue Change (2024/2023) |
|---|---|---|---|
| Petrobras | Crude oil, Natural Gas, Oil Derivatives (Gasoline, Diesel, LPG) | Total oil and natural gas production of 2.7 million boed in 2024 (met targets). Pre-salt production was 81% of total in 2024 (increase). Post-salt production decreased by 20% in 2024. Derivative sales in domestic market rose 4.2% in Q3 2024 vs Q2 2024. Gasoline production set a quarterly record in Q3 2024. | Annual revenue declined by 4.1% to R$ 490.83 billion in 2024. Adjusted EBITDA fell 18.2% in 2024. Net profit in Q1 2024 was lower than Q4 2023 and Q1 2023. Q4 2024 showed a net loss compared to a profit in Q4 2023. |
| Raízen | Sugar, Ethanol (1st and 2nd gen), Fuel Distribution, Bioenergy | Sugarcane processed 84.2 million tons in 2023/24 season. Sugar production dropped 24% in Q3 2024/25 vs prior year. Sugar sales fell 11% in Q3 2024/25. Ethanol sales (own) rose 21% in Q3 2024/25. Brazilian Mobility volume decreased 4% in Q3 2024/25. | Revenue dropped in fiscal year ending March 2024 vs previous year. R$ 220.454,20 million revenue in 2023. Net loss in Q4 2023/24. Lower EBITDA in renewable and trading segments in 2024 due to sugarcane issues. |
| Vibra Energia |