How significant is the state shareholding, and state influence, in Petrobras business decisions and operations?
A. Very important, because every month the board meets, and the strategic shareholders are in the meeting. And every month, we have guidelines from the government. Q. So the underlying ethos is still one of a national oil company? A. Yes, but we do not have a special type of treatment, or any special type of actions. We have to be productive, profitable and sustainable. Q. The company is regarded as a model by some — Colombia’s Ecopetrol, for example. What lessons would you offer? A. We have a very sophisticated governance system, decision-making process and planning system. We are subject to competition in all different areas, and we have to deliver results. Q. Does Petrobras’ dominant role effectively create barriers for foreign investors? Is it really a level playing field? A. Yes, in exploration, we have Shell, BP, BG, Exxon, Repsol, Galp, [Oil and Natural Gas Corp.] from India, Petrogal from Portugal, Total, Hess, Anadarko — they are all players in Brazil. There are no barriers.
