Abstract
The one common thread that brings Brazil, Russia, India and China together in the energy field is their usage of a national oil company (NOCs) or comparable structure as a tool in the search for energy security. It was in that spirit that Brazil, a country with few easily accessible hydrocarbon resources, created Petróleo Brasileiro S.A. (Petrobras). Today, Petrobras is an example of Brazilian perseverance, ingenuity, and creativity. The company is the world leader in deep offshore hydrocarbon exploration and produces enough oil to satisfy the domestic market. The Brazilian energy sector is among the most diversified and green on the globe. This paper examines the evolution of the Brazilian energy sector through the lens of the development of Petrobras. It is an exercise in pragmatism and compromise that sees the country emerge well prepared to meet the challenges of the new century.
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