Brazil could launch oil exploration in an environmentally sensitive deepwater basin if state oil giant Petrobras has a “cautious” approach to drilling in the area, according to Brazilian Finance Minister Fernando Haddad. The so-called Equatorial Margin offshore Brazil including the Foz do Amazonas, Pará-Maranhão, and Barreirinhas basins, and is estimated to hold large oil and gas reserves. “We may need oil from the Equatorial Margin on the condition that Petrobras take environmental precautions and Petrobras…
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