Reading Reaction Journal #5
Reference
Clanton, B. (2011, February 25). Brazil digs deep for future fortune. My SA. Retrieved February 27, 2011, from http://www.mysanantonio.com/business/article/Brazil-digs-deep-for-future-fortune-1031133.php
Summary
This article discusses a real possibility of Brazil becoming a global oil superpower. With the recent discovery of the pre-salt, Brazil has reservoirs that are estimated to hold 50 billion to 100 billion barrels of oil — enough to turn Brazil into one of the world’s top five producers of crude. The layer called pre-salt is a range that extends over 500 miles between five coastal states of Brazil, below the seabed, and includes three sedimentary basins.Oil found in this area is at depths that exceed 7,000 meters, under an extensive layer of salt, that according to geologists, retains quality oil. The article also mentions that development of the field comes during a time of turmoil in the oil markets, which seems a good moment for Brazil.
Reaction
Recent discovery of enormous reserves of oil that exist in the largest country in South America made the eyes of the world return to Brazil and broadens the debate about the pre-salt layer inside the country. Brazilians believe that the oil wealth from the region could be one more way to improve the Brazilian economy, which is already growing strongly.
It is obvious that there remain many technical challenges until the extraction is completed. There are many difficulties to be faced until the area of petroleum is reached. But the most important is that the lessons learned with problems in the past seem to take effect. Today the Brazilian government has a concern with the regulation of exploitation of the pre-salt by both economic and environmental issues.
Brazilian citizens have the consciousness that this discovery is not the solution to all problems of the country. We still need to resolve issues such as corruption, which today is the biggest problem in Brazil. However, how Brazilian politics has been showing changes in the last ten years, the population believes that this can be a great opportunity to improve investment in major areas like education, health and infrastructure which will bring positive changes to the country.
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