Instituto Fernand Braudel de Economia Mundial - Associado à FAAP

Ed. 46: Oil in Deep Waters

Will offshore discoveries change the course of Brazil's development?

Author: Norman Gall | Published in 2011

Oil in Deep Waters

Thanks to Petrobras US$ 225 billion investment program to explore the submarine reserves, Brazil is now the world´s biggest market for equipment and services in the offshore oil industry. In 2010, former president Lula called the Brazilian deep fields of oil and gas a "winning lottery ticket." The pre-salt euphoria bred in the political class the illusion of limitless resources on the horizon. However, the regulatory and technical risks are also huge.

Nationalist, the new pre-salt law forces Petrobras to operate the new fields with a minimum 30% stake. Such obligation should strain even more the company´s already overstretched capacity. In the industrial front, by 2020 Petrobras operations would absorb 45 new platforms and 309 supertanks and support ships. This special issue of Braudel Papers attempts to analyze the scope and depth of these challenges.


Related issues:

  1. Books Lula and Mephistopheles
  2. Braudel Papers Public Security in Brazil
  3. Braudel Papers Democratization of consumption

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