Brazil’s state giant is likely to press on with its deepwater plans in the face of scandal and uncertainty over revenues
When Brazil discovered vast reserves of oil deep off the coast of Rio de Janeiro in 2007, the then president, Luiz Inácio Lula da Silva, declared the find as proof that God is Brazilian. “We have won the lottery,” he said.
Eight years on, the fossil-fuel jackpot is looking far more like an old-fashioned resource curse.