Petroleo Brasileiro SA (Petrobras) last week raise $70 billion in the world’s biggest single stock sale as investors bought into the company’s goal of doubling output within a decade by aggressively expanding its operations.
The Rio de Janeiro-based Brazilian oil and gas giant sold 2.4 billion shares of common stock worth 115 billion reals (US$67 billion), with another $5 billion worth of options owned by investment banks to purchase additional shares.
The money will fund Petrobras’s planned $224 billion offshore oil program, with more than 50 billion barrels of discoverable oil, the company stated. Petrobras is majority controlled by the Brazilian government.
