💰 Brazil’s oil boom: Record revenues, big questions

Good morning! Big Tech company Meta has until the end of today to explain its new content moderation policies and how they may affect Brazil, in response to an out-of-court notice from the Solicitor General’s Office. Jorge Messias, Brazil’s solicitor general, said Meta changes directions “like a windsock” and that the new policies are unclear.

PPSA, the state-owned company that manages production-sharing agreements to exploit Brazil’s deepwater pre-salt oil and gas reserves, reported a record BRL 10.32 billion (USD 1.69 billion) in revenue last year. The number represents a 71% surge from the previous year and, PPSA says, reflects both increased production under these contracts and the success of competitive bidding processes for selling oil and gas.

What they are saying. “This remarkable result reaffirms the strategic importance of Brazil’s pre-salt reserves, providing essential resources for the country’s economic and social development,” Mines and Energy Minister Alexandre Silveira said.