The Lavo Jato corruption investigations, also known as Operation Car Wash, into Petrobras, Brazil’s oil giant, shocked the energy sector and helped fuel one of the country’s worst recessions. Nonetheless, some analysts are optimistic that the industry can open itself up to foreign investors and domestic competition to once again generate prosperity.
“The energy industry in Brazil is on the verge of its biggest transformation in decades,” wrote Décio Oddone, former CEO of Petrobras, in his latest report for the Atlantic Council—Oil & Gas in Brazil: A New Silver Lining?
“Petrobras has never experienced such a profound transformation. In fact, this is the first time the energy landscape has significantly changed since Brazil became an industrial economy,” he noted in the briefing.