Cracks appear in Brazil
As Brazil competes for international investment it is opening up its trove of pre-salt reserves to foreign majors
For years, international oil companies have come through Brazil with a common item at the top of their wish list: more access to the country's vast deep-water pre-salt reserves. In October, they finally got what they wanted as Brazil's new president Michel Temer pushed through several pro-investor reforms. After a long and contentious debate, Brazilian lawmakers overturned a piece of 2010 legislation that required state-controlled Petrobras to hold at least an operating 30% stake in all of the country's pre-salt oil projects. The rule had choked off foreign investment in the country's largest oilfields as companies weren't willing to pump billions of dollars into uncertain projects they didn
Also in this section
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
22 April 2026
Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
