The Brazilian government forecasts the country’s oil production will grow 70% by the end of the decade, propelled by multibillion-dollar investments from state-controlled company Petrobras and other operators.

Brazil is recovering faster when compared to the world’s largest economies, Mines & Energy Minister Adolfo Sachsida said on Monday during the opening ceremony of the Rio Oil & Gas 2022 conference.

“Something different is happening in Brazil. We are cutting taxes and undergoing the largest economic revolution since 1990,” said Sachsida, highlighting that gross domestic product is on the rise and inflation is falling.