Brazil plans to boost oil exploration and production to seize on its reserves before the world enters the “renewable era” and other technologies hurt demand for the fossil fuel, Deputy Energy Minister Paulo Pedrosa told Reuters on Wednesday.
“The stone age did not end for lack of stone, and the oil age will not end for lack of oil,” Pedrosa said in an interview.
“A race has begun to take advantage of the resource, because in the future it might not have value.”
Since 2006, Brazil has discovered potentially massive stores of oil and gas trapped below a layer of salt under the ocean floor off its coast, but slumping global oil priceshave complicated efforts to exploit these reserves.
Pedrosa said the Organization of Petroleum Exporting Countries (OPEC), which has cut output to reduce a global crude glut and support prices, should not expect Brazil to help control the global oil supply. Read More…