Since Brazil’s socialist leader, Luiz Inácio Lula da Silva – known as Lula, came into power in January this year, the country’s oil and gas industry has faced uncertainty. But Brazil still relies heavily on its oil revenues, as one of the biggest oil and gas powers in Latin America. Under the previous president, Jair Bolsonaro, Brazil introduced a wide range of investor-friendly policies for its oil and gas industry. Despite the uncertainty, there is still significant potential for Brazil’s oil and gas industry if Lula approves new exploration and production projects. Without new exploration activities, Brazil’s oil power is expected to diminish after this decade.

Source: The North Africa Journal April 29, 2023 21:53 UTC