Petrobras, or how to become a major oil power

Economic planning in Brazil was proposed in the 1950s with the aim of promoting the country's independence and economic development. This planning was to be achieved through state intervention by regulating the market economy and by establishing state-owned enterprises and prioritising certain sectors, including energy. This is why the government began to take charge of growth and to finance the investments needed to build an industrial base for Brazil. Petrobras was established even before the extent of Brazil's underground resources was known and before oil extraction had begun, based on a belief in Brazil's production capacity. Thanks to a nationalist and interventionist economic policy, characterised by the involvement of both left-wing and right-wing parties - that is to say, nationalism was not dependent on their political stance, but rather on the economic ideology they championed. Thus, the creation of Petrobras was an act of faith in the political sphere, an expression of the State's determination and commitment to energy development, which became the foundation of Brazil's economy.