Brazil is a bit more complicated. Most of Brazil’s production is offshore and most of its truly promising fields are not simply under two miles of ocean, but under an additional two miles of seabed. Brazilian energy presents very difficult operating environments, very high production costs, and a very challenging political backdrop. The problem is nothing less than the future coherence of Brazil as a state. The Order has been perfect for Brazil: large global markets, bottomless Chinese demand, cheap global financing. As Brazil’s tropical and rugged geography saddles it with among the world’s
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