Brazil, Is Now the Time?

“Brazil is the country of the future…and always will be.” This quote can be traced back to 1947 and is as true today as it was then. However, the country is undergoing a serious cultural and economic transformation since the election in 2018 of right-wing president, Jair Bolsonaro. The country’s hydrocarbon industry is also at a similar crossroads as the current administration attempts to implement a series of free market reforms to attract outside investment and lessen the near monopoly power Petrobras continues to exert on the sector a full two decades after it was “opened.” The Bolsonaro administration is making bold and transformative moves to give the hydrocarbon sector a makeover. This could create unprecedented opportunities for players in the sector and could change Brazil from “the country of the future” into the country of opportunity for today’s hydrocarbon exploration and production industry. Bolsonaro Era PSL party candidate, Jair Bolsonaro, won Brazil’s presidential runoff election on October 28, 2018 with 55 percent of the vote, besting Fernando Haddad of the leftist workers party (PT) by about 10 percent. The PT governed Brazil from 2003 until 2014 under four consecutive terms of Lula and Dilma Rousseff. The 2018 presidential election… continue reading

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