Braspetro was a Brazilian state company. It was founded in 1972 as a subsidiary of Petrobras to find and produce oil outside Brazil. (As Petrobras had a monopoly over Brazilian oil production at the time, it was forbidden by law to operate internationally.) Its biggest discovery was Majnoon Field in Iraq.
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Braspetro was incorporated by Petrobras and replaced by its international board, although it still formally exists as PIB BV - Petrobras International Braspetro B.V., a Dutch holding company that controls Petrobras's participation in foreign countries and is 100% owned by Petrobras.
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