The near collapse of Venezuela’s once colossal oil industry under the weight of endemic corruption‚ and strict U.S. sanctions, along with Mexico’s sputtering mature oil fields, saw Latin America’s economically crucial hydrocarbon sector fall into decline.
For nearly two decades, South America’s largest economy Brazil has been reaping a tremendous economic windfall from a massive oil boom that kicked off with the first offshore ultra deep-water pre-salt discovery in 2006.
Brazilian independent 3R Petroleum’s shares were down more than 6% on Tuesday after the company temporarily interrupted production at the Papa Terra field in the Campos basin.
In January this year, the Federal Court of Appeals in Mar del Plata dismissed a lawsuit brought forward by several environmentalist organizations and the mayor of the coastal resort city against an offshore oil and gas exploration project.
To this end, Brazil’s Minister of Mines and Energy will launch ‘Potencializa E&P programme,’ which will be presented at the next meeting of the National Council for Energy Policy (CNPE) – still without a set date – aiming to guarantee investments in oil and natural gas exploration and transform Brazil into the fourth largest oil producer in the world.