Brazil oil company Petrobras aims at offshore reserves with $70B stock offer, world’s largest

Summary Box: Petrobras has record share offer

BIG DEAL: Petroleo Brasileiro SA, or Petrobras, Brazil’s state-run energy company, raised $70 billion through the sale of more than 4 billion common and preferred shares in Brazil and the U.S.

BIG OIL: The money will fund Petrobras’ ambitious $224 billion, five-year plan to develop offshore fields it discovered in the last three years. The fields hold more than 50 billion barrels of recoverable oil.

BIG RETURNS?: Some analysts are concerned that the cost, and an increased role for the Brazilian government, could dampen eventual returns for shareholders.