Norway's Equinor is moving significant parts of its research and development budget to Brazil as revenues from its operations there are expected to soar in the next 10 years.
The state-controlled player is expected to spend twice as much on research locally in Brazil than the state of Norway's public spend on oil and gas research.
Brazilian law requires that oil companies must invest 1% of their revenues in R&D or receive a penalty of 2% of revenue.
