When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far.
That marks a dramatic change from only a year ago.
In early October 2018, Brazil’s current president, Jair Bolsonaro, was in a tight electoral race with Fernando Haddad of the leftist Workers’ Party. Global executives feared a Haddad victory would reverse recent pushes to provide them an opening in Brazil’s oil industry, which for years had been dominated by state-run Petroleo Brasileiro SA, or Petrobras.
Elsewhere in the region, Brazil at the time had fierce competition in the race to attract capital.
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