Oil giants make last big discovery along the coast of Brazil

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If there is a shift in energy around the world, it will not reach the streets of Ilha da Conceicao, a popular neighborhood in the heart of the oil boom of the Brazilian city of Rio de Janeiro.

There, buses and trucks pile up at the company's shipyard.Baker Hughes", where the energy services giant produces hundreds of kilometers of oil and gas pipelines. On the parallel street, it operates "ExxonMobilto load the supplies needed to explore the country's largest offshore oil fields. Royal Dutch Shell and Total have similar plans later this year.

The spectacle points to an uncomfortable fact that first world politicians may be trying to wean the world off fossil fuels, but in resource-rich and cash-hungry countries like Brazil, oil remains king. Outside of the United States and the Organization of the Petroleum Exporting Countries, Brazil plans to produce more crude oil than any other country until 2026.

Last year, while the rest of the world was cutting oil production in the midst of the pandemic, Brazil was one of the few countries to raise production, producing more oil than any other country outside of OPEC except Norway.

It also wants to double its crude oil production by 2030 to become the world's fifth largest exporter, and even if it does not reach that target, the low-cost oil fields have helped cement the country's position as one of the world's last bastions of energy transition.

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