Petroleo Brasileiro has seen its shares triple in the past year and all indications point to full steam ahead for this 300 billion dollar giant. There are a number of reasons why PBR continues to see its value increase.

1. They consistently find large amounts of recoverable oil in new fields. This includes, the Tupi field, which had 8 billion barrels, the Jupiter field and theCarioca location which could have 32 billion barrels. This would make it the 3^rd biggest field in the world. All these findings have the company seeing 100,000 barrels per day by the end of 2010.

2. PBR has the resources to fund its expeditions and exploring activities. The company is willing to take on debt to buy more rigs and is cutting back on some r&d to focus on developing the above fields.

3. Lastly, the rise in oil prices means more profits for the company and higher margins. This is due to costs in exploration and SG&A being relatively stable while gas pushes 140 in the USA.

Technically, this stock looks solid too.