Deepwater discoveries could make Brazil an oil superpower

The pre-salt layer on the Brazilian continental shelf holds significant petrochemical resources
The pre-salt layer on the Brazilian continental shelf holds significant petrochemical resources

Discoveries in Brazil’s offshore pre-salt basins are predicted to propel the country from 15 to eighth place as the world’s largest holder of proven oil reserves. Plans for a massive expansion in drilling projects and a ten-fold increase in workforce should see new wealth for the people of South America’s largest country. Is this likely to happen? And how will the OPEC oil producing countries view Brazil’s new ranking?

THE CHANGE in Brazil’s fortunes and influence is taking place with remarkable rapidity. In 2010, Brazil was the world’s 13th largest oil producer, producing just above two million barrels per day (Mb/d).

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