Recent reforms scrapped the requirement that Petrobras own a 30 percent stake in all pre-salt oil fields, essentially opening the door to private international companies. As a result, Brazil's oil production is flourishing.
While growth in shale has garnered a lot of attention, overlooked is the fact that Canada and Brazil are expected to add a combined 2 mbd over the next five years.
While Brazil’s political future hangs in the balance, Petrobras—the state oil company at the center of Brazil’s largest corruption scandal—faces great uncertainty, and momentous change will be needed to right its course.
The Panama Papers are another reminder of the extreme wealth, corruption, and opaqueness that is common to leadership in so many oil producing countries.
Developing oil and gas in Brazil means dealing with the country's beleaguered state oil company, Petrobras. In spite of this impediment, Royal Dutch Shell is doubling down on Brazil.
Worker concerns about privatization of Brazil's oil assets is driving a massive strike, with the potential to cause a meaningful production disruption.
Brazil's missteps in tapping its massive presalt oil reserves is the latest example of the country failing to live up to its potential.
Alongside a corruption scandal, the oil price downturn is challenging the viability of developing Brazil's pre-salt reserves, and prompting debates about the government's role in the energy sector.