What is "braspetro"

Braspetro was a Brazilian state company. It was founded in 1972, as a subortinated company of Petrobras, with the responsibility to find and produce oil outside Brazil (since Petrobras had a monopoly over Brazilian oil production at the time, it was forbidden to act on its own internationally by law). Its biggest discovery was Majnoon Field in Iraq.

Braspetro was incorporated by Petrobras, replaced by its International Board, although it still formally exists as PIB BV - Petrobras Internacional - BRASPETRO, a Dutch holding which controls Petrobras participations in foreign countries and is 100% owned by Petrobras.