After Petrobras, Brazil's state-controlled oil company, found giant oil and gas fields in the Pre-sal depths of the South Atlantic, Brazilian President Luiz Inácio Lula da Silva called the discoveries "a winning lottery ticket." Seven of the ten largest oil fields discovered since 2001 are in Brazil's offshore Santos Basin, leading investment banks to declare the country the "world's largest exploratory opportunity."
Yet Petrobras continues to face significant technical and political challenges as it seeks to exploit its Pre-sal reserves.
In "Oil in Deep Waters," Norman Gall, executive director of the Fernand Braudel Institute of World Economics and editor of Braudel Papers, explores whether Brazil's offshore petroleum discoveries will change the course of the country's development.
The paper, researched and written with support from the Revenue Watch Institute, was jointly published with the Braudel Papers.