In Brazil, Another Gusher

If its size is confirmed, a vast new oil find would catapult Brazil into the world's oil-producing elite. But extraction will be difficult
Petrobras workers in front of a P-52 oil platform during its launching ceremony on June 14, 2007 in Angra dos Reis, Brazil Antonio Scorza/AFP/Getty Images

Among energy investors, they are becoming known as Brazilian bombshells: a barrage of announcements about oil and gas discoveries—some confirmed, others speculative, and each more spectacular than the one before. Together, they suggest that Brazil could be on the cusp of transformation, from a once energy-poor developing nation into a major oil exporter.

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