ping related to your recent Brazil Oil question
Didn’t Obama give them $5 Billion for oil exploration?
Pray America wakes
Brazil is expensive. Anything you import (read: parts for equipment) is taxed at least 50%. And they have tightened their requirements for “national content,” meaning they want things manufactured in the country.
My company experienced all of this first hand. I can see where investors, given other options, would take them.
This should be a warning to Alaskans and the so-called, red neck socialists who scream “It’s our oil!” Yep, it’s yours until no one wants it.
I have been peripherally involved in two petrobras projects currently underway. both have heavy native Brazillian input. They seem more adept than say Pemex
My guess is they are keeping it to themselves with a minimum outside involvement to both learn the trade and keep the money.