Is Brazil A Threat To OPEC? ...Middle East

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Is Brazil A Threat To OPEC?
source : OILPRICE ( Middle East ) () 22
As far back as the early 1980s, Brazil’s national oil company Petrobras as well as the government were aware of the vast untapped oil wealth trapped under the pre-salt layers in the Atlantic Ocean. The considerable technological and operational hurdles associated with ultra-deep-water petroleum extraction and tapping the thick pre-salt crust prevented those oil resources from being commercially exploited. By 2005, Petrobas had renewed its focus on Brazil’s pre-salt offshore oil basins and started making significant oil discoveries in…

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