The current dynamism of markets, globalization, increasing competition and the need for business specialization is motivating firms to enter into alliances in order to overcome their deficiencies and acquire new competencies, thus enabling them to enter new markets, diversify their portfolios and minimize risks and maximize their capability and performance. Given this scenario, it has become essential for firms in the energy industry, especially those in the oil and natural gas segments, to establish alliances. The aim of this dissertation is to assess the strategic implications of alliances from a network perspective, with a focus on international alliances, in Petrobras strategic management. To achieve this, the article examines the current economic scenario and the outlook for the world oil sector, in view of the forecast of rapid growth in pre-salt field production, the world’s need to diversify energy sources, the important participation of the National Economic and Social Development Bank (BNDES) in the financing of Petrobras and the recent world economic crisis. The research used publicly available data from regulatory bodies, periodicals and energy sector websites, especially Petrobras. Besides this documental investigation, the present study was also based on the perceptions of executives in Petrobras Corporate Strategy and Performance, New Business and International departments, that were investigated using a predominantly structured questionnaire and interviews. To analyze the strategic implications of Petrobras use of international alliances, the study adopted the SNA (Strategic Network Analysis) conceptual tools developed by Macedo-Soares (2002) that include a conceptual framework, reference lists and a strategic analysis methodology from a relational perspective, that is, of the relationships (alliances) of the firm and the networks formed by them.