1036 ET - Deepwater oil reserves estimated at 10 billion recoverable barrels may catapult Brazil into the world's top five producers, Oxford Economics' Felipe Camargo writes. State-controlled Petrobras has earmarked $2.5 billion for projects in the new frontier, Camargo says. Nine other companies were awarded 34 blocks along the northern coastline last year. The impact on Brazil's long-run GDP will likely range between 0.8% and 1.1% per year by 2050, Camargo says. "Although there's a risk that oil won't be found, the fact that the basin borders Guyana's successful Stabroek Block is encouraging," he says. (paulo.trevisani@wsj.com; @ptrevisani)

(END) Dow Jones Newswires

June 09, 2026 10:36 ET (14:36 GMT)

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