Optimists see creative destruction at work in Brazil and believe that positive developments are rising from the ashes.

Pessimists fear a growing quagmire with a third of the ruling Senate now under investigation over the Car Wash scandal.

A recent court ruling blocking a Statoil deal with Petrobras certainly could undermine a new drive for foreign investors.

And industry remains frustrated by insensitive lawmaking such as the 18% value-added tax on crude production by the state of Rio de Janeiro.