RIO DE JANEIRO - The discovery of huge offshore oil reserves has made Brazil one of the world's hottest energy markets, with firms that make everything from planning software for wells to floating "hotels" for platform workers clamoring for a piece of the action.
More than 35,000 people are attending this week's Rio Oil and Gas conference, the first since state firm Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz)(PBR.N: Quote, Profile, Research, Stock Buzz) shocked the oil world last November by announcing the world's second-biggest oil find in 20 years.
As financial markets crashed around the world, executives here were busily making deals and bubbling with enthusiasm at the prospect of working with Petrobras to exploit the oil trapped below a thick salt layer underneath the ocean floor -- something that could cost up to $600 billion.
"Being with Petrobras is a bit like being in the first gold rush in the U.S.," said Mark Grills, a software engineer for British firm QuickWells, whose product helps engineers plan the complex internal make-up of wells.
"It's like you're discovering oil all over again."
Analysts estimate the subsalt reserves could contain up to 80 billion barrels of oil, catapulting Brazil into the top 10 oil producers.
Despite uncertainty over government plans to take greater control over the finds, falling oil prices, and global equipment shortages, executives said it was clear that Petrobras was committed to spending big in the coming years to achieve a goal of more than 1 million barrels per day of subsalt output by 2017.
Petrobras has leased about 80 percent of the world's deepest-drilling offshore rigs and plans to hire 14,000 engineers and other specialists in the next three years as it prepares for a new era that could transform Brazil's economy.
More than 35,000 people are attending this week's Rio Oil and Gas conference, the first since state firm Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz)(PBR.N: Quote, Profile, Research, Stock Buzz) shocked the oil world last November by announcing the world's second-biggest oil find in 20 years.
As financial markets crashed around the world, executives here were busily making deals and bubbling with enthusiasm at the prospect of working with Petrobras to exploit the oil trapped below a thick salt layer underneath the ocean floor -- something that could cost up to $600 billion.
"Being with Petrobras is a bit like being in the first gold rush in the U.S.," said Mark Grills, a software engineer for British firm QuickWells, whose product helps engineers plan the complex internal make-up of wells.
"It's like you're discovering oil all over again."
Analysts estimate the subsalt reserves could contain up to 80 billion barrels of oil, catapulting Brazil into the top 10 oil producers.
Despite uncertainty over government plans to take greater control over the finds, falling oil prices, and global equipment shortages, executives said it was clear that Petrobras was committed to spending big in the coming years to achieve a goal of more than 1 million barrels per day of subsalt output by 2017.
Petrobras has leased about 80 percent of the world's deepest-drilling offshore rigs and plans to hire 14,000 engineers and other specialists in the next three years as it prepares for a new era that could transform Brazil's economy.
