In a little more than four years the Brazilian oil sector has careered from unrestrained euphoria to severe downturn.
Three years ago, 71 of the world’s floating rigs were working in Brazil, but the number has dipped to less than 35.
Petrobras has signalled that 25 ultra-deepwater rigs will be enough for its own needs for the forseeable future.
The number of workers employed directly or indirectly by Brazil’s oil sector has crashed by more than 500,000 — more than half — according to industry bodies.
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