February 2014

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With the continued ongoing work to exploit the discoveries in the Lula (Tupi) field and the recently announced 2013 subsalt strike in the Campos and Santos basins off Brazil’s southern coast, oil and gas exploration and production companies will continue active efforts to participate in the development of these resources.  Oil field services providers, such as geophysical contractors, air transport providers and oilfield software purveyors will similarly continue to seek opportunities arising out of these developments.   However, the international spotlight has begun to shine more brightly on Brazil over the past year, mainly due to the Brazil’s upcoming role as host of the 2014 FIFA World Cup™ and the Rio 2016™ Summer Olympics, and the international scrutiny is bringing with it changes in Brazil’s legal climate.  One of those changes is directly targeted to addressing claims of corruption in Brazil’s business culture, and this change will potentially have a direct effect on E & P and oil field services companies doing business in Brazil. (more…)