POINT OF VIEW: Gabrielli steers Petrobras’s $174 billion investment plan

Jose Sergio Gabrielli, chief executive and president of Brazil’s Petroleo Brasileiro SA (Petrobras), sat in the company’s new offices in the West End of London, which was blanketed under 10-in. of snow, and explained why the company would invest $174.4 billion over 5 years despite the turmoil and volatility in the financial and commodity markets.Investors in the immobilized city were eager to understand how the company—whose innovative technology has catapulted it into an award-winning deepwater company—would proceed with one of the most important finds this century, its Tupi discovery in the Santos basin estimated to hold reserves of 5-8 billion boe. Gabrielli had...

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