Brazilian oil is booming

The Brazilian oil industry is experiencing significant growth, with new platforms being developed by Petrobras, which aims to increase self-sufficiency in oil and derivatives. The company plans to build five new refineries by 2017 to boost refining capacity. However, the massive investment required poses challenges for Brazil, a developing country. Successfully overcoming these challenges will position Brazil among the world's top oil producers.

What challenges does Brazil face in becoming a major oil producer?

What is the significance of Brazil meeting the challenge of extracting oil through deep water?