By Matthew Smith for Oilprice.com
RIO DE JANEIRO, BRAZIL - Sharply weaker oil prices, the COVID-19 pandemic, and heightened geopolitical uncertainty have done little to blunt Brazil’s epic offshore oil boom. By September 2020 Brazil had risen to become the third-largest supplier of crude oil to China, the world’s second-largest economy.
The scale of Brazil’s deep-water offshore oil boom is underscored by the pre-salt Tupi oilfield, which for the third quarter of 2020 reached the impressive milestone of having pumped two billion barrels of accumulated oil production in the decade since commercial . . .