Petrobras.

The latest revision to the prospectus for Petroleo Brasileiro SA’s $65 billion offering of common and preferred stock highlights the risks of the kind of deepwater-offshore drilling the new capital will fund. But the bigger risk may be political.

The mother lode of oil off Brazil’s coast threatens to reintroduce politics into the management of the oil giant, which is controlled by the Brazilian government but has been ably managed on a commercial basis. ‘BP report clears BP of blame in BP disaster’ was the satirists’ take on the company’s internal inquiry into the Deepwater Horizon accident. Yet while the inquiry’s report, published on September 8, did share out blame with other companies working on the Macondo well, it also contained some strong indictments of decisions taken by BP employees.

Cairn India rose 0.63% to Rs 328.50. Shares of India’s biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation gained 1.49% to Rs 1375.70. India’s second biggest oil and gas exploration firm by revenue, Oil India, advanced 2.07% to Rs 1565.70. On BSE, Oil India reported volumes of 4,623 shares, ONGC clocked volumes of 26,218 shares and Cairn India notched up volumes of 38,445 shares.

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