Brazilian state-run oil company Petrobras did not see big earnings growth in 2007. The country's strengthening currency eroded soaring dollar profits, which were fed by record oil prices. Delays in bringing new rigs online also tempered growth.
Petrobras has not raised domestic gasoline prices for several years but the company has announced two huge offshore oil finds, including the November 2007 discovery of the ultra-deep Tupi Atlantic Ocean field, which holds as much as 8 billion barrels of light crude, and the Jupiter natural gas reserve off the Rio de Janeiro coast. These should boost Petrobras' revenues and earnings.