THREE years have passed since Brazilian oil policy was re-set to attract more private-sector investment because high spending by state-controlled Petrobras had not only left the company saddled with debt but also failed to deliver a promised ramp-up of production on time. The negative effects of debt, price controls and corruption had left the national oil company in poor shape to cope with heavy declines in oil prices in 2014 and the whole Brazilian oil sector suffered a savage downturn when state-led investments were curbed.
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