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In Brazil, as many as 15 floating production, storage and offloading vessels, including the Carioca that just left a shipyard in Rio state, will come on line in the next five years.

Photographer: Dado Galdieri/Bloomberg

Oil Majors Hunt for One Last Big Discovery Along Coast of Brazil

The world may be turning its back on fossil fuels, but in cash-starved, resource-rich nations like Brazil, oil remains king.

If an energy transition is underway around the world, it hasn’t reached the streets of Ilha da Conceicao, the working-class district at the heart of Rio de Janeiro’s oil revival. 

There, buses and trucks are piling into Baker Hughes Co.’s shipyard, where the energy services giant is churning out hundreds of kilometers of oil and gas piping. One street over, Exxon Mobil Corp. is loading supplies to explore the country's biggest offshore oil fields. Royal Dutch Shell Plc and TotalEnergies SE have similar plans for later this year.