Big Oil Doubles Down On Brazil’s Exploding Offshore Sector ...Middle East

Big Oil is betting big on oil exploration offshore Brazil, where the prolific pre-salt basin promises a lot of additional supply over the coming years. From Shell to Exxon, many major corporations continue to win acreage and explore for oil off Brazil, which is expected to be one of the key non-OPEC contributors to global oil supply this decade. “We are going through the best moment in years,” Matheus Rangel, a Rio-based oil worker told Bloomberg’s Peter Millard. “Exploration activity, and more importantly expenditure, is…

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