$20 Oil Could Crush Brazil’s Offshore Oil Boom

Brazil has suspended its 17th licensing round which would have seen the state oil regulator ANP offering 128 offshore exploration blocks throughout the country, fearing that the plummeting oil prices and unprecedented declines in global crude demand entailing double-digit-percent CAPEX cuts will set the stage for another fiasco. With two failed pre-salt licensing rounds in November 2019 tarring the overall successful year of both Brazil and Petrobras, clouds are growing heavier around the upstream future of Brazil, once the leading deep-water investment…