The discovery off the coast of Brazil in 2007 of what may turn out to be the largest oil field in the western hemisphere – the “pre-salt” fields of the Santos basin – changed many assumptions about the way this most placid of “BRICS” would emerge. The most obvious change, driven home by the record-setting $70 billion share offering by the state oil firm Petrobras last September, concerns the global balance of power among energy producers.
With the Santos fields located about 4 miles beneath the Atlantic some 180 miles off Brazil’s coastline, the reliability of reserve estimates as well as the technical challenges extracting it make specific predictions difficult.
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