Questões de Concurso Sobre inglês

Text II

Off the Deep End in Brazil

_{Gerald Herbert}

With crude still hemorrhaging into the Gulf of

Mexico, deep-water drilling might seem taboo just

now. In fact, extreme oil will likely be the new normal.

Despite the gulf tragedy, the quest for oil and gas in

5 the most difficult places on the planet is just getting

underway. Prospecting proceeds apace in the ultra-

deepwater reserves off the coasts of Ghana and

Nigeria, the sulfur-laden depths of the Black Sea, and

the tar sands of Venezuela’s Orinoco Basin. Brazil’s

10 Petrobras, which already controls a quarter of global

deepwater operations, is just starting to plumb its 9 to

15 billion barrels of proven reserves buried some four

miles below the Atlantic.

The reason is simple: after a century and a

15 half of breakneck oil prospecting, the easy stuff is

history. Blistering growth in emerging nations has

turned the power grid upside down. India and China

will consume 28 percent of global energy by 2030,

triple the juice they required in 1990. China is set to

20 overtake the U.S. in energy consumption by 2014.

And now that the Great Recession is easing, the

earth’s hoard of conventional oil is waning even

faster. The International Energy Agency reckons the

world will need to find 65 million additional barrels a

25 day by 2030. If the U.S. offshore-drilling moratorium

drags on, look for idled rigs heading to other shores.

_{Available in:}

_{<http://www.newsweek.com/2010/06/13/off-the-deep-end-in-brazil.html>}

_{Retrieved on: June 19, 2011.}

Text I

Brazil: Platform for growth

_{By Joe Leahy}

On the Cidade de Angra dos Reis oil platform,

surrounded by the deep blue South Atlantic, a

Petrobras engineer turns on a tap and watches black

liquid flow into a beaker.

5____It looks and smells like ordinary crude oil.

Nevertheless, for Brazil, this represents something

much more spectacular. Pumped by the national oil

company from “pre-salt” deposits – so-called because

they lie beneath 2,000m of salt – 300km off the coast

10 of Rio de Janeiro, it is some of the first commercial

oil to flow from the country’s giant new deepwater

discoveries.

Already estimated to contain 50bn barrels, and

with much of the area still to be fully explored, the

15 fields contain the world’s largest known offshore oil

deposits. In one step, Brazil could jump up the world

rankings of national oil reserves and production, from

15th to fifth. So great are the discoveries, and the

investment required to exploit them, that they have

20 the potential to transform the country – for good or for ill.

Having seen out booms and busts before,

Brazilians are hoping that this time “the country

of the future” will at last realise its full economic

potential. The hope is that the discoveries will provide

25 a nation already rich in renewable energy with an

embarrassment of resources with which to pursue the

goal of becoming a US of the south.

The danger for Brazil, if it fails to manage this

windfall wisely, is of falling victim to “Dutch disease”.

30 The economic malaise is named after the Netherlands

in the 1970s, where the manufacturing sector withered

after its currency strengthened on the back of a large

gas field discovery combined with rising energy prices.

Even worse, Brazil could suffer a more severe

35 form of the disease, the “oil curse”, whereby nations

rich in natural resources – Nigeria and Venezuela, for

example – grow addicted to the money that flows from

them.

Petrobras chief executive says neither the

40 company nor the country’s oil industry has so far

been big enough to become a government cash cow.

But with the new discoveries, which stretch across an

800km belt off the coast of south-eastern Brazil, this is

going to change. The oil industry could grow from about

45 10 per cent of GDP to up to 25 per cent in the coming

decades, analysts say. To curb any negative effects,

Brazil is trying to support domestic manufacturing

by increasing “local content” requirements in the oil

industry.

50____Without a “firm local content policy”, says

Petrobras CEO, Dutch disease and the oil curse will

take hold. However, “if we have a firm and successful

local content policy, no – because other sectors in the

economy are going to grow as fast as Petrobras”.

55___The other long-term dividend Brazil is seeking

from the discoveries is in research and development

(R&D). Extracting oil from beneath a layer of salt at

great depth, hundreds of kilometres from the coast, is

so challenging that Brazilian engineers see it as a new

60 frontier. If they can perfect this, they can lead the way

in other markets with similar geology, such as Africa.

For its part, Petrobras is spending $800m-$900m

a year over the next five years on R&D, and has

invested $700m in the expansion of its research

65 centre.

Ultimately, Brazil’s ability to avoid Dutch disease

will depend not just on how the money from the oil

is spent. The country is the world’s second biggest

exporter of iron ore. It is the largest exporter of beef.

70 It is also the biggest producer of sugar, coffee and

orange juice, and the second-largest producer of soya

beans.

Exports of these commodities are already driving

up the exchange rate before the new oil fields have

75 fully come on stream, making it harder for Brazilian

exporters of manufactured goods. Industrial production

has faltered in recent months, with manufacturers

blaming the trend on a flood of cheap Chinese-made

imports.

80____“Brazil has everything that China doesn’t and it’s

natural that, as China continues to grow, it’s just going

to be starved for those resources,” says Harvard’s

Prof Rogoff. “At some level Brazil doesn’t just want

to be exporting natural resources – it wants a more

85 diversified economy. There are going to be some

rising tensions over that.”

_{Adapted from Financial Times - March 15 2011 22:54. Available in:}

_{<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>}

_{Retrieved on: June 17, 2011.}

Text I

Brazil: Platform for growth

_{By Joe Leahy}

On the Cidade de Angra dos Reis oil platform,

surrounded by the deep blue South Atlantic, a

Petrobras engineer turns on a tap and watches black

liquid flow into a beaker.

5____It looks and smells like ordinary crude oil.

Nevertheless, for Brazil, this represents something

much more spectacular. Pumped by the national oil

company from “pre-salt” deposits – so-called because

they lie beneath 2,000m of salt – 300km off the coast

10 of Rio de Janeiro, it is some of the first commercial

oil to flow from the country’s giant new deepwater

discoveries.

Already estimated to contain 50bn barrels, and

with much of the area still to be fully explored, the

15 fields contain the world’s largest known offshore oil

deposits. In one step, Brazil could jump up the world

rankings of national oil reserves and production, from

15th to fifth. So great are the discoveries, and the

investment required to exploit them, that they have

20 the potential to transform the country – for good or for ill.

Having seen out booms and busts before,

Brazilians are hoping that this time “the country

of the future” will at last realise its full economic

potential. The hope is that the discoveries will provide

25 a nation already rich in renewable energy with an

embarrassment of resources with which to pursue the

goal of becoming a US of the south.

The danger for Brazil, if it fails to manage this

windfall wisely, is of falling victim to “Dutch disease”.

30 The economic malaise is named after the Netherlands

in the 1970s, where the manufacturing sector withered

after its currency strengthened on the back of a large

gas field discovery combined with rising energy prices.

Even worse, Brazil could suffer a more severe

35 form of the disease, the “oil curse”, whereby nations

rich in natural resources – Nigeria and Venezuela, for

example – grow addicted to the money that flows from

them.

Petrobras chief executive says neither the

40 company nor the country’s oil industry has so far

been big enough to become a government cash cow.

But with the new discoveries, which stretch across an

800km belt off the coast of south-eastern Brazil, this is

going to change. The oil industry could grow from about

45 10 per cent of GDP to up to 25 per cent in the coming

decades, analysts say. To curb any negative effects,

Brazil is trying to support domestic manufacturing

by increasing “local content” requirements in the oil

industry.

50____Without a “firm local content policy”, says

Petrobras CEO, Dutch disease and the oil curse will

take hold. However, “if we have a firm and successful

local content policy, no – because other sectors in the

economy are going to grow as fast as Petrobras”.

55___The other long-term dividend Brazil is seeking

from the discoveries is in research and development

(R&D). Extracting oil from beneath a layer of salt at

great depth, hundreds of kilometres from the coast, is

so challenging that Brazilian engineers see it as a new

60 frontier. If they can perfect this, they can lead the way

in other markets with similar geology, such as Africa.

For its part, Petrobras is spending $800m-$900m

a year over the next five years on R&D, and has

invested $700m in the expansion of its research

65 centre.

Ultimately, Brazil’s ability to avoid Dutch disease

will depend not just on how the money from the oil

is spent. The country is the world’s second biggest

exporter of iron ore. It is the largest exporter of beef.

70 It is also the biggest producer of sugar, coffee and

orange juice, and the second-largest producer of soya

beans.

Exports of these commodities are already driving

up the exchange rate before the new oil fields have

75 fully come on stream, making it harder for Brazilian

exporters of manufactured goods. Industrial production

has faltered in recent months, with manufacturers

blaming the trend on a flood of cheap Chinese-made

imports.

80____“Brazil has everything that China doesn’t and it’s

natural that, as China continues to grow, it’s just going

to be starved for those resources,” says Harvard’s

Prof Rogoff. “At some level Brazil doesn’t just want

to be exporting natural resources – it wants a more

85 diversified economy. There are going to be some

rising tensions over that.”

_{Adapted from Financial Times - March 15 2011 22:54. Available in:}

_{<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>}

_{Retrieved on: June 17, 2011.}

Text I

Brazil: Platform for growth

_{By Joe Leahy}

On the Cidade de Angra dos Reis oil platform,

surrounded by the deep blue South Atlantic, a

Petrobras engineer turns on a tap and watches black

liquid flow into a beaker.

5____It looks and smells like ordinary crude oil.

Nevertheless, for Brazil, this represents something

much more spectacular. Pumped by the national oil

company from “pre-salt” deposits – so-called because

they lie beneath 2,000m of salt – 300km off the coast

10 of Rio de Janeiro, it is some of the first commercial

oil to flow from the country’s giant new deepwater

discoveries.

Already estimated to contain 50bn barrels, and

with much of the area still to be fully explored, the

15 fields contain the world’s largest known offshore oil

deposits. In one step, Brazil could jump up the world

rankings of national oil reserves and production, from

15th to fifth. So great are the discoveries, and the

investment required to exploit them, that they have

20 the potential to transform the country – for good or for ill.

Having seen out booms and busts before,

Brazilians are hoping that this time “the country

of the future” will at last realise its full economic

potential. The hope is that the discoveries will provide

25 a nation already rich in renewable energy with an

embarrassment of resources with which to pursue the

goal of becoming a US of the south.

The danger for Brazil, if it fails to manage this

windfall wisely, is of falling victim to “Dutch disease”.

30 The economic malaise is named after the Netherlands

in the 1970s, where the manufacturing sector withered

after its currency strengthened on the back of a large

gas field discovery combined with rising energy prices.

Even worse, Brazil could suffer a more severe

35 form of the disease, the “oil curse”, whereby nations

rich in natural resources – Nigeria and Venezuela, for

example – grow addicted to the money that flows from

them.

Petrobras chief executive says neither the

40 company nor the country’s oil industry has so far

been big enough to become a government cash cow.

But with the new discoveries, which stretch across an

800km belt off the coast of south-eastern Brazil, this is

going to change. The oil industry could grow from about

45 10 per cent of GDP to up to 25 per cent in the coming

decades, analysts say. To curb any negative effects,

Brazil is trying to support domestic manufacturing

by increasing “local content” requirements in the oil

industry.

50____Without a “firm local content policy”, says

Petrobras CEO, Dutch disease and the oil curse will

take hold. However, “if we have a firm and successful

local content policy, no – because other sectors in the

economy are going to grow as fast as Petrobras”.

55___The other long-term dividend Brazil is seeking

from the discoveries is in research and development

(R&D). Extracting oil from beneath a layer of salt at

great depth, hundreds of kilometres from the coast, is

so challenging that Brazilian engineers see it as a new

60 frontier. If they can perfect this, they can lead the way

in other markets with similar geology, such as Africa.

For its part, Petrobras is spending $800m-$900m

a year over the next five years on R&D, and has

invested $700m in the expansion of its research

65 centre.

Ultimately, Brazil’s ability to avoid Dutch disease

will depend not just on how the money from the oil

is spent. The country is the world’s second biggest

exporter of iron ore. It is the largest exporter of beef.

70 It is also the biggest producer of sugar, coffee and

orange juice, and the second-largest producer of soya

beans.

Exports of these commodities are already driving

up the exchange rate before the new oil fields have

75 fully come on stream, making it harder for Brazilian

exporters of manufactured goods. Industrial production

has faltered in recent months, with manufacturers

blaming the trend on a flood of cheap Chinese-made

imports.

80____“Brazil has everything that China doesn’t and it’s

natural that, as China continues to grow, it’s just going

to be starved for those resources,” says Harvard’s

Prof Rogoff. “At some level Brazil doesn’t just want

to be exporting natural resources – it wants a more

85 diversified economy. There are going to be some

rising tensions over that.”

_{Adapted from Financial Times - March 15 2011 22:54. Available in:}

_{<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>}

_{Retrieved on: June 17, 2011.}

Text I

Brazil: Platform for growth

_{By Joe Leahy}

On the Cidade de Angra dos Reis oil platform,

surrounded by the deep blue South Atlantic, a

Petrobras engineer turns on a tap and watches black

liquid flow into a beaker.

5____It looks and smells like ordinary crude oil.

Nevertheless, for Brazil, this represents something

much more spectacular. Pumped by the national oil

company from “pre-salt” deposits – so-called because

they lie beneath 2,000m of salt – 300km off the coast

10 of Rio de Janeiro, it is some of the first commercial

oil to flow from the country’s giant new deepwater

discoveries.

Already estimated to contain 50bn barrels, and

with much of the area still to be fully explored, the

15 fields contain the world’s largest known offshore oil

deposits. In one step, Brazil could jump up the world

rankings of national oil reserves and production, from

15th to fifth. So great are the discoveries, and the

investment required to exploit them, that they have

20 the potential to transform the country – for good or for ill.

Having seen out booms and busts before,

Brazilians are hoping that this time “the country

of the future” will at last realise its full economic

potential. The hope is that the discoveries will provide

25 a nation already rich in renewable energy with an

embarrassment of resources with which to pursue the

goal of becoming a US of the south.

The danger for Brazil, if it fails to manage this

windfall wisely, is of falling victim to “Dutch disease”.

30 The economic malaise is named after the Netherlands

in the 1970s, where the manufacturing sector withered

after its currency strengthened on the back of a large

gas field discovery combined with rising energy prices.

Even worse, Brazil could suffer a more severe

35 form of the disease, the “oil curse”, whereby nations

rich in natural resources – Nigeria and Venezuela, for

example – grow addicted to the money that flows from

them.

Petrobras chief executive says neither the

40 company nor the country’s oil industry has so far

been big enough to become a government cash cow.

But with the new discoveries, which stretch across an

800km belt off the coast of south-eastern Brazil, this is

going to change. The oil industry could grow from about

45 10 per cent of GDP to up to 25 per cent in the coming

decades, analysts say. To curb any negative effects,

Brazil is trying to support domestic manufacturing

by increasing “local content” requirements in the oil

industry.

50____Without a “firm local content policy”, says

Petrobras CEO, Dutch disease and the oil curse will

take hold. However, “if we have a firm and successful

local content policy, no – because other sectors in the

economy are going to grow as fast as Petrobras”.

55___The other long-term dividend Brazil is seeking

from the discoveries is in research and development

(R&D). Extracting oil from beneath a layer of salt at

great depth, hundreds of kilometres from the coast, is

so challenging that Brazilian engineers see it as a new

60 frontier. If they can perfect this, they can lead the way

in other markets with similar geology, such as Africa.

For its part, Petrobras is spending $800m-$900m

a year over the next five years on R&D, and has

invested $700m in the expansion of its research

65 centre.

Ultimately, Brazil’s ability to avoid Dutch disease

will depend not just on how the money from the oil

is spent. The country is the world’s second biggest

exporter of iron ore. It is the largest exporter of beef.

70 It is also the biggest producer of sugar, coffee and

orange juice, and the second-largest producer of soya

beans.

Exports of these commodities are already driving

up the exchange rate before the new oil fields have

75 fully come on stream, making it harder for Brazilian

exporters of manufactured goods. Industrial production

has faltered in recent months, with manufacturers

blaming the trend on a flood of cheap Chinese-made

imports.

80____“Brazil has everything that China doesn’t and it’s

natural that, as China continues to grow, it’s just going

to be starved for those resources,” says Harvard’s

Prof Rogoff. “At some level Brazil doesn’t just want

to be exporting natural resources – it wants a more

85 diversified economy. There are going to be some

rising tensions over that.”

_{Adapted from Financial Times - March 15 2011 22:54. Available in:}

_{<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>}

_{Retrieved on: June 17, 2011.}

Text I

Brazil: Platform for growth

_{By Joe Leahy}

On the Cidade de Angra dos Reis oil platform,

surrounded by the deep blue South Atlantic, a

Petrobras engineer turns on a tap and watches black

liquid flow into a beaker.

5____It looks and smells like ordinary crude oil.

Nevertheless, for Brazil, this represents something

much more spectacular. Pumped by the national oil

company from “pre-salt” deposits – so-called because

they lie beneath 2,000m of salt – 300km off the coast

10 of Rio de Janeiro, it is some of the first commercial

oil to flow from the country’s giant new deepwater

discoveries.

Already estimated to contain 50bn barrels, and

with much of the area still to be fully explored, the

15 fields contain the world’s largest known offshore oil

deposits. In one step, Brazil could jump up the world

rankings of national oil reserves and production, from

15th to fifth. So great are the discoveries, and the

investment required to exploit them, that they have

20 the potential to transform the country – for good or for ill.

Having seen out booms and busts before,

Brazilians are hoping that this time “the country

of the future” will at last realise its full economic

potential. The hope is that the discoveries will provide

25 a nation already rich in renewable energy with an

embarrassment of resources with which to pursue the

goal of becoming a US of the south.

The danger for Brazil, if it fails to manage this

windfall wisely, is of falling victim to “Dutch disease”.

30 The economic malaise is named after the Netherlands

in the 1970s, where the manufacturing sector withered

after its currency strengthened on the back of a large

gas field discovery combined with rising energy prices.

Even worse, Brazil could suffer a more severe

35 form of the disease, the “oil curse”, whereby nations

rich in natural resources – Nigeria and Venezuela, for

example – grow addicted to the money that flows from

them.

Petrobras chief executive says neither the

40 company nor the country’s oil industry has so far

been big enough to become a government cash cow.

But with the new discoveries, which stretch across an

800km belt off the coast of south-eastern Brazil, this is

going to change. The oil industry could grow from about

45 10 per cent of GDP to up to 25 per cent in the coming

decades, analysts say. To curb any negative effects,

Brazil is trying to support domestic manufacturing

by increasing “local content” requirements in the oil

industry.

50____Without a “firm local content policy”, says

Petrobras CEO, Dutch disease and the oil curse will

take hold. However, “if we have a firm and successful

local content policy, no – because other sectors in the

economy are going to grow as fast as Petrobras”.

55___The other long-term dividend Brazil is seeking

from the discoveries is in research and development

(R&D). Extracting oil from beneath a layer of salt at

great depth, hundreds of kilometres from the coast, is

so challenging that Brazilian engineers see it as a new

60 frontier. If they can perfect this, they can lead the way

in other markets with similar geology, such as Africa.

For its part, Petrobras is spending $800m-$900m

a year over the next five years on R&D, and has

invested $700m in the expansion of its research

65 centre.

Ultimately, Brazil’s ability to avoid Dutch disease

will depend not just on how the money from the oil

is spent. The country is the world’s second biggest

exporter of iron ore. It is the largest exporter of beef.

70 It is also the biggest producer of sugar, coffee and

orange juice, and the second-largest producer of soya

beans.

Exports of these commodities are already driving

up the exchange rate before the new oil fields have

75 fully come on stream, making it harder for Brazilian

exporters of manufactured goods. Industrial production

has faltered in recent months, with manufacturers

blaming the trend on a flood of cheap Chinese-made

imports.

80____“Brazil has everything that China doesn’t and it’s

natural that, as China continues to grow, it’s just going

to be starved for those resources,” says Harvard’s

Prof Rogoff. “At some level Brazil doesn’t just want

to be exporting natural resources – it wants a more

85 diversified economy. There are going to be some

rising tensions over that.”

_{Adapted from Financial Times - March 15 2011 22:54. Available in:}

_{<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>}

_{Retrieved on: June 17, 2011.}

Text I

Brazil: Platform for growth

_{By Joe Leahy}

On the Cidade de Angra dos Reis oil platform,

surrounded by the deep blue South Atlantic, a

Petrobras engineer turns on a tap and watches black

liquid flow into a beaker.

5____It looks and smells like ordinary crude oil.

Nevertheless, for Brazil, this represents something

much more spectacular. Pumped by the national oil

company from “pre-salt” deposits – so-called because

they lie beneath 2,000m of salt – 300km off the coast

10 of Rio de Janeiro, it is some of the first commercial

oil to flow from the country’s giant new deepwater

discoveries.

Already estimated to contain 50bn barrels, and

with much of the area still to be fully explored, the

15 fields contain the world’s largest known offshore oil

deposits. In one step, Brazil could jump up the world

rankings of national oil reserves and production, from

15th to fifth. So great are the discoveries, and the

investment required to exploit them, that they have

20 the potential to transform the country – for good or for ill.

Having seen out booms and busts before,

Brazilians are hoping that this time “the country

of the future” will at last realise its full economic

potential. The hope is that the discoveries will provide

25 a nation already rich in renewable energy with an

embarrassment of resources with which to pursue the

goal of becoming a US of the south.

The danger for Brazil, if it fails to manage this

windfall wisely, is of falling victim to “Dutch disease”.

30 The economic malaise is named after the Netherlands

in the 1970s, where the manufacturing sector withered

after its currency strengthened on the back of a large

gas field discovery combined with rising energy prices.

Even worse, Brazil could suffer a more severe

35 form of the disease, the “oil curse”, whereby nations

rich in natural resources – Nigeria and Venezuela, for

example – grow addicted to the money that flows from

them.

Petrobras chief executive says neither the

40 company nor the country’s oil industry has so far

been big enough to become a government cash cow.

But with the new discoveries, which stretch across an

800km belt off the coast of south-eastern Brazil, this is

going to change. The oil industry could grow from about

45 10 per cent of GDP to up to 25 per cent in the coming

decades, analysts say. To curb any negative effects,

Brazil is trying to support domestic manufacturing

by increasing “local content” requirements in the oil

industry.

50____Without a “firm local content policy”, says

Petrobras CEO, Dutch disease and the oil curse will

take hold. However, “if we have a firm and successful

local content policy, no – because other sectors in the

economy are going to grow as fast as Petrobras”.

55___The other long-term dividend Brazil is seeking

from the discoveries is in research and development

(R&D). Extracting oil from beneath a layer of salt at

great depth, hundreds of kilometres from the coast, is

so challenging that Brazilian engineers see it as a new

60 frontier. If they can perfect this, they can lead the way

in other markets with similar geology, such as Africa.

For its part, Petrobras is spending $800m-$900m

a year over the next five years on R&D, and has

invested $700m in the expansion of its research

65 centre.

Ultimately, Brazil’s ability to avoid Dutch disease

will depend not just on how the money from the oil

is spent. The country is the world’s second biggest

exporter of iron ore. It is the largest exporter of beef.

70 It is also the biggest producer of sugar, coffee and

orange juice, and the second-largest producer of soya

beans.

Exports of these commodities are already driving

up the exchange rate before the new oil fields have

75 fully come on stream, making it harder for Brazilian

exporters of manufactured goods. Industrial production

has faltered in recent months, with manufacturers

blaming the trend on a flood of cheap Chinese-made

imports.

80____“Brazil has everything that China doesn’t and it’s

natural that, as China continues to grow, it’s just going

to be starved for those resources,” says Harvard’s

Prof Rogoff. “At some level Brazil doesn’t just want

to be exporting natural resources – it wants a more

85 diversified economy. There are going to be some

rising tensions over that.”

_{Adapted from Financial Times - March 15 2011 22:54. Available in:}

_{<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>}

_{Retrieved on: June 17, 2011.}

Text I

Brazil: Platform for growth

_{By Joe Leahy}

On the Cidade de Angra dos Reis oil platform,

surrounded by the deep blue South Atlantic, a

Petrobras engineer turns on a tap and watches black

liquid flow into a beaker.

5____It looks and smells like ordinary crude oil.

Nevertheless, for Brazil, this represents something

much more spectacular. Pumped by the national oil

company from “pre-salt” deposits – so-called because

they lie beneath 2,000m of salt – 300km off the coast

10 of Rio de Janeiro, it is some of the first commercial

oil to flow from the country’s giant new deepwater

discoveries.

Already estimated to contain 50bn barrels, and

with much of the area still to be fully explored, the

15 fields contain the world’s largest known offshore oil

deposits. In one step, Brazil could jump up the world

rankings of national oil reserves and production, from

15th to fifth. So great are the discoveries, and the

investment required to exploit them, that they have

20 the potential to transform the country – for good or for ill.

Having seen out booms and busts before,

Brazilians are hoping that this time “the country

of the future” will at last realise its full economic

potential. The hope is that the discoveries will provide

25 a nation already rich in renewable energy with an

embarrassment of resources with which to pursue the

goal of becoming a US of the south.

The danger for Brazil, if it fails to manage this

windfall wisely, is of falling victim to “Dutch disease”.

30 The economic malaise is named after the Netherlands

in the 1970s, where the manufacturing sector withered

after its currency strengthened on the back of a large

gas field discovery combined with rising energy prices.

Even worse, Brazil could suffer a more severe

35 form of the disease, the “oil curse”, whereby nations

rich in natural resources – Nigeria and Venezuela, for

example – grow addicted to the money that flows from

them.

Petrobras chief executive says neither the

40 company nor the country’s oil industry has so far

been big enough to become a government cash cow.

But with the new discoveries, which stretch across an

800km belt off the coast of south-eastern Brazil, this is

going to change. The oil industry could grow from about

45 10 per cent of GDP to up to 25 per cent in the coming

decades, analysts say. To curb any negative effects,

Brazil is trying to support domestic manufacturing

by increasing “local content” requirements in the oil

industry.

50____Without a “firm local content policy”, says

Petrobras CEO, Dutch disease and the oil curse will

take hold. However, “if we have a firm and successful

local content policy, no – because other sectors in the

economy are going to grow as fast as Petrobras”.

55___The other long-term dividend Brazil is seeking

from the discoveries is in research and development

(R&D). Extracting oil from beneath a layer of salt at

great depth, hundreds of kilometres from the coast, is

so challenging that Brazilian engineers see it as a new

60 frontier. If they can perfect this, they can lead the way

in other markets with similar geology, such as Africa.

For its part, Petrobras is spending $800m-$900m

a year over the next five years on R&D, and has

invested $700m in the expansion of its research

65 centre.

Ultimately, Brazil’s ability to avoid Dutch disease

will depend not just on how the money from the oil

is spent. The country is the world’s second biggest

exporter of iron ore. It is the largest exporter of beef.

70 It is also the biggest producer of sugar, coffee and

orange juice, and the second-largest producer of soya

beans.

Exports of these commodities are already driving

up the exchange rate before the new oil fields have

75 fully come on stream, making it harder for Brazilian

exporters of manufactured goods. Industrial production

has faltered in recent months, with manufacturers

blaming the trend on a flood of cheap Chinese-made

imports.

80____“Brazil has everything that China doesn’t and it’s

natural that, as China continues to grow, it’s just going

to be starved for those resources,” says Harvard’s

Prof Rogoff. “At some level Brazil doesn’t just want

to be exporting natural resources – it wants a more

85 diversified economy. There are going to be some

rising tensions over that.”

_{Adapted from Financial Times - March 15 2011 22:54. Available in:}

_{<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>}

_{Retrieved on: June 17, 2011.}

Read the text below and answer the questions that follow.

WELCOME!

And congratulations on your new purchase. You’re now entitled to an unsurpassed service and a number of benefits as part of the Ericsson warranty and service program. Your Ericsson mobile phone was designed to offer you the ultimate in quality, convenience and performance. And of course, we guarantee it. From now on, as the new owner of an Ericsson mobile phone, you’ll have access to a number of exclusive advantages such as: a vast network of Ericsson service centers; a limited 1 year warranty and service agreement, and a toll-free customer service hotline.

WARRANTY CONDITIONS

Dear Customer,

If your Ericsson product needs warranty service, you should send the product to any company authorized service facility. For information contact the store from which you purchased the product. The product in all cases must be accompanied by the following items: your name, address, telephone number, warranty card, bill of sale bearing the serial number, date of delivery, or reasonable proof of these dates, and a detailed description of the problem.

Our warranty

This warranty is extended by Ericsson Inc. (“The Company”) to the original purchaser for use only. Ericsson warrants this product to be free of defects in material and workmanship at the time of its original purchase and for the subsequent period of one (1) year. All accessories for the product are covered for a period of one (1) year from the date of purchase.

What we will do

If, during the period of warranty, this product proves defective under normal use and service due to improper materials or workmanship, the company will repair or replace the defective item with a new or factory rebuilt replacement.

(Taken from Ericsson – One year Warranty and Service Agreement)

Read the text below and answer the questions that follow.

WELCOME!

And congratulations on your new purchase. You’re now entitled to an unsurpassed service and a number of benefits as part of the Ericsson warranty and service program. Your Ericsson mobile phone was designed to offer you the ultimate in quality, convenience and performance. And of course, we guarantee it. From now on, as the new owner of an Ericsson mobile phone, you’ll have access to a number of exclusive advantages such as: a vast network of Ericsson service centers; a limited 1 year warranty and service agreement, and a toll-free customer service hotline.

WARRANTY CONDITIONS

Dear Customer,

If your Ericsson product needs warranty service, you should send the product to any company authorized service facility. For information contact the store from which you purchased the product. The product in all cases must be accompanied by the following items: your name, address, telephone number, warranty card, bill of sale bearing the serial number, date of delivery, or reasonable proof of these dates, and a detailed description of the problem.

Our warranty

This warranty is extended by Ericsson Inc. (“The Company”) to the original purchaser for use only. Ericsson warrants this product to be free of defects in material and workmanship at the time of its original purchase and for the subsequent period of one (1) year. All accessories for the product are covered for a period of one (1) year from the date of purchase.

What we will do

If, during the period of warranty, this product proves defective under normal use and service due to improper materials or workmanship, the company will repair or replace the defective item with a new or factory rebuilt replacement.

(Taken from Ericsson – One year Warranty and Service Agreement)

Read the text below and answer the questions that follow.

WELCOME!

And congratulations on your new purchase. You’re now entitled to an unsurpassed service and a number of benefits as part of the Ericsson warranty and service program. Your Ericsson mobile phone was designed to offer you the ultimate in quality, convenience and performance. And of course, we guarantee it. From now on, as the new owner of an Ericsson mobile phone, you’ll have access to a number of exclusive advantages such as: a vast network of Ericsson service centers; a limited 1 year warranty and service agreement, and a toll-free customer service hotline.

WARRANTY CONDITIONS

Dear Customer,

If your Ericsson product needs warranty service, you should send the product to any company authorized service facility. For information contact the store from which you purchased the product. The product in all cases must be accompanied by the following items: your name, address, telephone number, warranty card, bill of sale bearing the serial number, date of delivery, or reasonable proof of these dates, and a detailed description of the problem.

Our warranty

This warranty is extended by Ericsson Inc. (“The Company”) to the original purchaser for use only. Ericsson warrants this product to be free of defects in material and workmanship at the time of its original purchase and for the subsequent period of one (1) year. All accessories for the product are covered for a period of one (1) year from the date of purchase.

What we will do

If, during the period of warranty, this product proves defective under normal use and service due to improper materials or workmanship, the company will repair or replace the defective item with a new or factory rebuilt replacement.

(Taken from Ericsson – One year Warranty and Service Agreement)