Brazil is pumped up over offshore oil field

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Exploratory oil wells drilled off Brazil’s coastline indicate the presence of a vast pool of crude that could propel this nation into the top tier of world energy producers, reports Chris Kraul.

The oil field highlighted last week by state-controlled oil company Petrobras lies in ‘ultra-deep’ waters beneath an unstable layer of hot salt, presenting technological challenges that are sure to bring ultra-high costs.

The find has sparked a fierce debate about whether Brazil should stake hundreds of billions of dollars on a risky field amid market uncertainty and pressing social needs.

Read the rest of the report on Brazil’s new energy find here.

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-- Deborah Bonello in Mexico City