Closing Remarks - Invest in Brasil

Ladies and Gentlemen
It is an honour for me to close this seminar on investment opportunities in Brazil.
I trust you have had an informative session that will reinforce your interest in expanding your business co-operation with Brazil.

It is easy to understand why Brazil is attractive to the Norwegian petroleum cluster.  We only need to take a quick glance at the framework conditions and the investment plans in the petroleum sector.

Brazil is second only to the US Gulf of Mexico when it comes to offshore expenditure the next couple of years, and Petrobras has been persistent in keeping to its investment plans – also during the financial turmoil in the world economy. This is very encouraging.

Stable and predictable framework conditions make Brazil attractive for international investors. It is important to maintain this for the future, and avoid changes in the oil and gas policy that will affect existing contracts.

Brazil has a highly advanced offshore industry – and especially world leading competence in deep sea drilling. When looking at the competitive edge of the Norwegian oil and gas industry, we find that Brazil and Norway’s competence base are highly compatible. This explains why so many partnerships have evolved between Norwegian suppliers and especially Petrobras.

Today, there are more than 100 Norwegian companies active in Brazil (app. 65 officially registered), the majority in oil and gas up-stream activities.  Their business commitments have exceeded 20 billion USD. Thus Brazil is among the 3 most important oil and gas countries for Norway.

For companies considering to do business with Brazil it is reassuring that there is a vibrant Norwegian business community already in place. This tends to limit barriers to entry.

I would also like to commend the good work of ApexBrazil, Innovation Norway and INTSOK. They are important co-players in facilitating market access for new entrants. Their commitment to building partnerships across the Atlantic is invaluable.

Local Content is very high on the political agenda in Brazil. I think Norwegian companies can contribute to increasing local content and help Brazil reach its ambitious goals. At the same time they can provide quick implementation of new technology and services. These products may also have a market potential globally. This is a win-win situation.

I hope this seminar and – and my visit as such - have demonstrated that Norwegian companies strive to be good and reliable partners for Brazil and Petrobras. Norway would like to strengthen industry cooperation between our two countries. To this effect the Norwegian government will launche a comprehensive strategy on co-operation with Brazil in 2011. The oil and gas industry is already identified as one of the key drivers. The strategy will highlight the importance of strategic technological partnership, Research and Development and cooperation in the environmental field!
Today, several Norwegian companies are employing many hundred Brazilians. This is a sign of willingness to adapt to the host country’s needs and build local content.
Our experience is that combining the best of or domestic competence with that of the international petroleum industry, paves the way for innovation and improved welfare.

The foundation for the oil and gas policy in Norway has always been that the wealth from the oil and gas should benefit the whole society as well as future generations.
I am convinced that the same will be the Brazilian experience!

Thank you for your attention!