Global Business Reports’ first report on Brazil (October 2008, Oil and Gas Investor), found an oil and gas market in full bloom. Petrobras – the mixed public/state Brazilian petroleum company founded in 1953 – had just discovered the pre-salt (or subsalt) fields, the price of oil was above $100 a barrel, and both Petrobras and the Brazilian government were eager to attract E&P and service and supply companies to assist in exploiting the huge potential. Then, as now and for many years to come, the key actor in hydrocarbons was Petrobras, which is now retooling its operations in a strategy that emphasizes exportation over internal consumption.