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
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030
7 July 2025
The end of Grangemouth and Lindsey oil refineries marks a worrying trend across Europe amid cost and transition pressures
3 July 2025
The July/August 2025 issue of Petroleum Economist is out now!
2 July 2025
The global energy community will converge in Dubai on 10 December for a landmark event dedicated to shaping the future of natural gas across the region