Monday, June 30, 2014

Brazil on world oil power path

RIO DE JANEIRO: Brazil finds bumpy path on way to becoming world oil power - Business - "...Many fear that Brazil’s chance to become one of the world’s major energy producers is fading as the global energy landscape changes dramatically. Signs of disarray are many. Development of the prized deep-sea pre-salt fields, so called because they lie below thousands of feet of salt deposits, faces delays, with the next auction of drilling rights not expected till next year. Brazil’s giant state-owned oil company, Petrobras, is in tough financial shape, with profits down 30 percent in the first three months of the year and its stock market value less than half what it was when the company went public in 2010. Production problems in Petrobras’ oil fields have forced the country once again to import oil, at an average rate of 793,000 barrels per day in the first quarter. Making matters worse, the company faces corruption allegations. A former executive has been jailed and faces charges of money-laundering. Brazil’s Congress has opened an investigation...."

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