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Brazil Moves to Join Other Major Oil Nations
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The auction of the Libra ultra-deep water oil field in the waters off Rio de Janeiro, Brazil. Shell, Total and two Chinese companies took part in the auction. Libra is estimated to hold about 12 billion barrels of oil and combined with the other fields in the newly discovered area has about 50 billion barrels of oil. Brazil's laws passed after the discoveries offshore were made in 2006 give Petrobras a critical role in development of the oil fields. A new company Petrasal was created to oversee the new oil fields. The winning bidder in this auction is required to pay the government $7 billion in an upfront payment and source much of the equipment inside Brazil. New investments are required in education, infrastructure and supporting public services after nationwide street protests, making oil field development and new revenues a priority for the government of Dilma Rousseff and the Workers Party that runs the government.
Petrobras and economic policy in Brazil under president Rousseff
08/15/2011
Petrobras is losing ground in oil exploration and growth as economic policies of the Rousseff government focus on lowering unemployment in Brazil. Unemployment in Brazil is at 5.4% in 2013 but growth has slowed sharply to about 1%. Government policy requires Petrobras to buy from Brazilian companies to increase employment. The share price of Petrobras has fallen sharply in recent years down to where its market capitalization in less than the Colombian oil company. Oil production is not keeping up with growth in the economy.
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The creation of a new company Petrosal to use oil revenues from these fields in social spending and infrastructure.
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