Oil giants betting on Brazil to cut costs and increase chances of discoveries

After three years of exploration in deep water, the major international oil companies are resuming their offshore efforts reduced costs and more selective choices for drilling areas, as a barrel of "black gold" is still in the recovery phase of its price.

According to the managers of the leading oil and gas that participated in the CERAWeek industry conference in Houston, which took place from 6 to 10 March, the oil price recovery, low service costs and reduced costs companies will manifest in increased exploration activity after more than two years of recession.

Also at the conference, the oil giant said they are choosing developments in areas near existing sites and fields to cut costs and increase the chances of discovery, and these areas are mainly found in Brazil, the Gulf of Mexico and Southeast Asia.

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