After being caught up in major corruption scandals and suffering from what some have claimed was its worst economic downturn in 100-years, Brazil has pulled itself back from the brink. The economy commenced growing again in 2017 with gross domestic product (GDP) expanding by 1 percent and 2018 GDP growth forecast by the International Monetary Fund (IMF) to be 2.3 percent. One of the key drivers of Brazil’s improving economic outlook are Brasilia’s plans to launch what could become the biggest oil boom in Latin American history. You see, Brazil possesses what is rated as being among the top offshore oil assets globally, the massive pre-salt oil fields located in the Atlantic Ocean on the Latin nation’s continental shelf. These fields are thought to contain recoverable oil reserves of a massive 50 billion barrels but in the past, they have proven difficult and costly to extract. Nonetheless, foreign energy […]