The two oil basins off Rio de Janeiro’s coast offer a glimpse into the tough choices Petroleo Brasileiro SA is making as it slashes $77 billion in investments.
The Campos Basin along Rio’s north shoreline produces more oil than any other region in Brazil, but output is sliding fast as fields age. The Santos Basin to the south holds Brazil’s biggest-ever crude finds, but the massive deposits up to four miles deep are costly to tap. They each need billions of dollars in investments. Petrobras doesn’t have the cash for both.
Brazil Energy Insight 
Leave a comment