London, 25 June 2011

Brazil’s state-controlled oil and gas giant Petrobras CEO Jose Sergio Gabrielli has confidently predicted that his country will shortly become the world's largest market for deep offshore oceanic hydrocarbon exploration equipment.

Talking to journalists on the sidelines of a Brazilian-UK panel on energy generation in Rio de Janeiro Gabrielli said, "In terms of growth possibilities, in the next 10 years, most of the discoveries will come from Brazil. In the immediate future, we will see a reduction of the consumption of oil byproducts in the U.S., Europe, and Japan, and an increase in consumption in China, India, Brazil, and Africa, where you have accelerated economic growth and social inclusion," Xinhua news agency reported.

Brazil’s offshore reserves have attracted British attention, as this week British Trade Minister Lord Green led a trade delegation there to tout for business. A spokesman for the United Kingdom Trade & Investment (UKTI) government agency told reporters, “Developing closer ties on technology is a priority in the bilateral relationship.  The UK and Brazil have much to gain through working together. In many respects the two countries are a natural fit.

Brazil has the best science base outside the G8 and the UK is at the cutting edge in a number of sectors notably low carbon research and development.

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By Joao Peixe, Deputy Editor OilPrice.com