2011-04-08

Big oil in Brazil

Play the trumpet fanfare and set the LED spotlights and lasers twirling in the sky; Brazil is rich. Really, really rich. OK, at the moment a lot of this wealth is trapped thousands of metres below the Atlantic Ocean, far from the shore and the existing oil industry, but the Brazilian government, state oil company Petrobras and lots of greedy firms from all over the world are spending millions of dollars to get at the oil that they hope will earn them billions.
Everyone always moans that working in South America is a nightmare. There are reams and reams of bureaucracy and red tape, corrupt officials and bribes to pay, but the Brazilian oil industry is trying hard not to fall into this trap. After all, the eyes of the world are on them – or at least fixed firmly on their lush oil deposits! Oil might not be enough to encourage external firms to operate and invest in the country, so the previous government introduced some very sneaky and clever laws.

For example, only vessels (and that includes oil rigs) that have a Brazilian flag can operate in the country. Hmm, at the moment there are very few vessels with Brazilian flags, so how do we get round that one? Well, vessel owners who play ball and order a ship to be built at a Brazilian yard or even invest in developing their own facilities are allowed to operate as many boats and rigs as they like from anywhere in the world. Brazil knows that when the oil is gone, they will need an infrastructure to replace. And, amazingly, they’re actually getting other people to pay for it!




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