Brazil: Increased state control could deter investment

PETROBRAS made a second discovery in the Santos basin's BM-S-11 block, offshore Rio de Janeiro, in September, writes Robert Cauclanis. The Iara field, the operator claims, holds 3bn-4bn barrels of recoverable reserves, of mostly light oil. The block's other discovery is the 5bn-8bn barrels of oil equivalent (boe) Tupi discovery.