China and Brazil to Ditch U.S. Dollar? Hardly [View article]
Brazil is likely to emerge as a significant oil exporter within a decade. Brazil's very large new offshore oil reserves are, potentially, a major source of future national wealth and income, if it does not squander the opportunity. Brazil is keen to develop these resources rapidly but in a way that allows it to maintain control and also advance its deepwater oil and gas development technolgies and capabilities thru Petrobras, which is perhaps the most competent oil mini-major not domiciled in the West. I think Brazil wants to turn Petrobras into a true global oil and gas company that can compete with the Western majors and mini majors as well as with state owned oil companies for opportunities in Asia, Africa and other parts of Latin America. Petrobras has emerged as a skilled driller and operator in deepwater Gulf of Mexico. Brazil has attained a global staure in the iron ore industry. It aspires to replicate at least part of this success in the much larger global oil and gas industry and hopes to become the foreign oil company "of choice" in many parts of the Global South. In this regard Brazil and China are not competitors but trading and business partners. I do not see Brazil trying to bypass the dollar in cooperating with China but to attain its broader, national, strategic goals.
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Brazil is likely to emerge as a significant oil exporter within a decade. Brazil's very large new offshore oil reserves are, potentially, a major source of future national wealth and income, if it does not squander the opportunity. Brazil is keen to develop these resources rapidly but in a way that allows it to maintain control and also advance its deepwater oil and gas development technolgies and capabilities thru Petrobras, which is perhaps the most competent oil mini-major not domiciled in the West.
May 20 06:53 AM
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All Comments by User 353732 »China and Brazil to Ditch U.S. Dollar? Hardly [View article]
I think Brazil wants to turn Petrobras into a true global oil and gas company that can compete with the Western majors and mini majors as well as with state owned oil companies for opportunities in Asia, Africa and other parts of Latin America. Petrobras has emerged as a skilled driller and operator in deepwater Gulf of Mexico. Brazil has attained a global staure in the iron ore industry. It aspires to replicate at least part of this success in the much larger global oil and gas industry and hopes to become the foreign oil company "of choice" in many parts of the Global South.
In this regard Brazil and China are not competitors but trading and business partners. I do not see Brazil trying to bypass the dollar in cooperating with China but to attain its broader, national, strategic goals.