Brazil on the block

The coming slate of oil auctions in Brazil will give the industry its biggest crack at developing the country's crude in two decades. But nothing in Brazil comes easy

A crisis, it is said, is a terrible thing to waste. Brazil seems to have taken it to heart. Mired in its worst recession in a century, deep economic reforms are being pushed through, including to long-untouchable pension and labour rights. Change is coming on the oil front as well, where a massive corruption scheme at state-led oil company Petrobras has cost Brazil hundreds of billions of dollars, and stalled the development of massive offshore resources. At the heart of the Temer government's efforts to reset the oil industry is a record slate of 10 oil-rights auctions over the next three years. The extensive and promising rights on offer, along with a reduction of local-content requirement