Act no. 9478, dated August 6, 1997, also known as the "Petroleum Act" decreed that Exploration & Production activities ( upstream) in the oil industry must be governed by concessions, preceded by bids and implemented by agreements. It also stipulated the change-over from monopolistic state-owned company to a competitive free market status, thereby facilitating private capital coming into this sector of the economy. Consequently, Petrobras has been developing a widespread program of partnerships with other companies in the exploration and production area, as an integral part of its business strategy. These joint ventures correspond to a widely adopted practice on the international oil scene where companies endeavor to share the risks inherent in E&P projects, which also characteristically involve heavy investment. Petrobras’ oil production in Brazil in June, added to the production in fields located abroad, averaged 2,342,928 barrels of oil equivalent/day. This is 6.3% more than a year ago. View the oil & natural gas production chart, onshore and offshore, per Brazilian state and country.