Nearly a decade ago South America’s emerging offshore oil boom was viewed as a fad triggered by soaring oil prices which by 2011 had recovered from the Great Recession to be trading at over $100 a barrel. In early 2012, the international Brent price peaked at over $128 per barrel and stayed on average at over $100 a barrel until the late-August 2014 price crash. At those prices high cost oil projects, including offshore Brazil, became popular among global energy majors as they sought to take advantage to boost oil reserves, production and profits. During 2012 there was little if any production from Brazil’s massive offshore pre-salt oil fields, by 2015 they pumped around 50% of the country’s total oil output and were responsible for three-quarter by the end of September 2020. That can be attributed to steadily decreasing production expenses due to steadily improving drilling technology, growing knowledge […]