Brazilian government-run oil company Petroleo Brasileiro, or Petrobras, has finalised the terms for the world's largest share offer, setting its sights on turning the Latin American country into one of the world's top oil producers.

Petrobras said in a regulatory filing that it priced the issue of about 4.08 billion voting and preferred shares, raising approximately $67bn. That tops the previous record share offer set in 1987, when Japanese telecommunications company Nippon Telegraph & Telephone raised $36.8bn.