• From The BBC:

    Brazil has unveiled plans to bring more state control to its oil industry and take advantage of offshore reserves.President Luiz Inacio Lula da Silva has proposed switching to a system which would see the government own a part of all oil produced. Currently, companies bid to win the rights to explore for oil in blocks. President Lula said the rules, if approved by congress, would see a “new Independence Day” for Brazil, helping tackle poverty and fund education. It is thought Brazil’s reservoirs of oil could see it become a producer nation to rival some Opec countries such as Venezuela within a decade. However the location of the oil, about 500km (311 miles) off its south-eastern coast, means huge investment will be needed.
    President Lula has called it a passport for the future – an opportunity to be seized in terms of combating poverty and investing much needed funds in education.Part of the task is to ensure that the government secures a bigger share of the profits without alienatin…

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    Posted by Jon @ 9:32 pm

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