Petrobras is now the world’s 12th largest oil and gas company, according to the 2014 edition of the Petroleum Intelligence Weekly (PIW) ranking, published by the Energy Intelligence Group. This annual ranking lists the 50 largest companies in the sector, based on facts such as oil and gas reserves, and production and refining capacity. Petrobras has gone up one position since the 2013 ranking, and is now just two places from the top 10.

Among Latin American oil companies, Petrobras is the second largest, according to the survey. In the ranking’s individual operational criteria, which are analyzed jointly to produce the main list, Petrobras is the world’s eighth largest company in terms of refining capacity and the 10th biggest in oil product sales. The analysis used to produce the PIW ranking is based on the operational results disclosed by the companies for the year 2013.

The Energy Intelligence Group is an independent entity that operates internationally. For more than 60 years it has been compiling data and conducting analysis on the energy sector, especially the oil and gas industry. Petroleum Intelligence Weekly’s annual ranking has provided a benchmark for the sector for the last two decades.