Offshore in depth

Petroleo Brasileiro S.A., aka Petrobras, is arguably the most important company in the Brazilian economy, and, despite the recent corruption scandal, it remains a source of immense national pride. Petrobras deserves credit for its advancement of deepwater exploration and production, including widespread use of FPSO systems and rapid development of challenging pre-salt reservoirs. The company has set an example by inventing technology and developing its resources, largely by leveraging Brazilian talent and local companies. So it is jarring to hear allegations about decades of kickbacks, Swiss bank accounts, and illegal payments to the country’s ruling party.

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