Introduction

Brazil has become a relevant player in the international oil and gas industry. Currently ranking 14th in the world in proven oil reserves with approximately 15 billion crude oil barrels , the country still has potentially huge untapped reserves. Assessments suggest that the so-called "pre-salt" province, located offshore of Brazil's south and southeastern coasts, has potential to hold more than 120 billion BOE. The Brazilian oil industry was revolutionized in 1995, with constitutional amendment that allowed the opening of the market, and since then the industry has grown in ...