Pre-salt discoveries force Petrobras to reconsider international plans.

247 - The discovery of the pre-salt layer has led Petrobras to make a significant shift in its operations. With the discovery of the immense oil fields, the state-owned company has gradually reduced the number of its international representations and operations. Since 2012, when Graça Foster took over as president of the company, 15 representations have been closed and another 38 are expected to close by 2015.

Petrobras' increased international participation was part of the company's strategic plan to grow abroad, which involved acquiring units of direct interest to the state-owned company, but which also brought with them assets that were not within the company's core business focus. One example was the purchase of the Argentine company Perez Companc in 2002. Acquired for US$1 billion, the acquisition allowed for exploration in three other countries (Ecuador, Peru, and Venezuela), in addition to including hydroelectric plants that Petrobras would not have purchased separately.

Currently, Petrobras maintains offices in 17 countries and a number of companies that have a secondary role in the state-owned company's business, including units in various tax havens such as the Cayman Islands, the Virgin Islands, Cuaragua, among others. Although many of these units operate in direct oil buying and selling operations in the international market, others are an unknown quantity. As they are based in other countries, these companies are not subject to Brazilian law, which makes access to accounting information difficult.

Petrobras' international division controls approximately 120 companies, including the holding company Petrobras International Braspetro BV (PIB BV), which is forming a joint venture with the BTG bank aimed at oil and gas exploration and production in Africa. The joint venture was announced in June.