Brazil is an offshore oil and gas powerhouse, and it plans to double down on its status with a new investment program designed to turn it into the number-four oil producer worldwide. 

More than 90 percent of Brazil’s oil and gas production comes from offshore resources, and the vast majority from waters off Rio de Janiero. The administration of President Ignacio Lula da Silva intends to expand on the sector’s strength with the “Potencializa E&P Programme,” a development plan that will be debuted shortly.