Petrobras was founded in 1953 to operate in the Brazilian oil sector. Over more than four decades the company has become the country's leader in the distribution of oil products and is now one of the largest twenty major oil companies in the world today, leading the sector in the implementation of the most advanced deep-water technology, for oil production.

The Exploration & Production (E&P) body of Petrobras is responsible for research, location, identification, development, production and incorporation of oil and natural gas reserves in Brazil. E&P is structured on Business Units (BU). Each BU is responsible for managing a group of exploration and production concessions, operational and administrative facilities, with own revenues and costs and liable for the results. BU organization was based on criteria such as geographical location, similar geology and stage of development of the concessions, plus available infrastructure and size.

E&P, in partnership with other areas of the company, encouraged by the fact that a large part of the Brazilian reserves were restricted to very deep offshore basins, has raised Petrobras to top world ranking in development and application of deepwater exploration and production technology.

Source: http://www.oilvoice.com/Description/Petrobras/aac078d1.aspx#gsc.tab=0