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Weekly Report - 24 November 2011 (WR-11-47)
BRAZIL: Chevron spill a lucky accident for Brazil’s oil nationalists?
A recent oil spill off the coast of Rio, Brazil’s biggest since 2000, has been quickly politicised, fuelling further investor fears about oil nationalism in the country. The leak comes at a very sensitive moment, amidst a tense standoff between the executive, congress and oil-producting states over a contentious new regulatory framework for the distribution of royalties and other tax earnings from Brazil’s potentially transformative new deepwater oil sector among the country’s 27 states and 5,500 municipalities.
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