A week ago I attended a conference about the future of the regulatory environment for the pré-sal oil developments in Brazil. High-level oil executives, former directors at Petrobras and ANP, top journalists, and industry analysts, as well as one of the key government planners for the new regime were in attendance. In the interest of candor, participants were instructed not to quote anyone directly.
All I will say is that those with the most experience in the oil business were the most measured in their enthusiasm for the regulatory changes. Some were outright pessimistic about the ability of Petrobras and the incipient Petrosal to coordinate the hundreds partners involved in every block of pré-sal development.
Similarly, a few weeks ago, I met with numerous attorneys in São Paulo with experience negotiating cross-border investments for some of the largest businesses in South America. The attorneys with the most experience in Brazil did not believe that foreign investments were going to meet all of the expectations of foreign investors.
As a young, soon-to-be attorney, I have comparatively little experience in Brazil. In the sea of information about foreign investment and the pré-sal oil fields, I find myself looking to those with more experience for guidance. And while many are measured in their big picture expectations for Brazil, all believe that on a personal-level developing experience and contacts here will prove useful.