Sunny outlook for Brazil energy

The new regime to develop Brazil’s pre-salt oil reserves aims to ensure the country maintains control over its cash cow. Pauline McCallion looks at the outlook for international involvement in exploration and production of the region

The 2006 discovery of the Tupi oilfield (now known as Lula) off the coast of Rio de Janeiro transformed Brazil's fortunes and was followed by a series of additional pre-salt discoveries, securing the country's future as a global energy power. The oil is contained in reservoirs below a layer of salt 5,000 to 7,000 metres below the surface of the ocean. Preliminary tests in four areas by state-controlled oil company Petróleo Brasileiro S.A. (Petrobras) have shown recoverable volumes of between 10