'Black Gold Rush': Brazil Poised For Oil Boom

By Greg Milam, Sky Correspondent in Rio

A former fishing village in Brazil is at the centre of a "black gold rush" which could make it one of the most important energy centres on Earth.

Macae has already grown by 600% in the last decade as a result of a surge of international interest in oil reserves off its coast.

But even that boom could be dwarfed in the next 10 years following the discovery of billions of barrels more under salt layers on the sea bed.

The fish market has been the economic heart of Macae for a century

Brazilian energy giant Petrobras has signed deals worth billions with international oil firms to extract the "pre-salt" oil, a costly and delicate operation that carries no guarantee of success.

The South American country, the fifth-largest in the world, is pinning its hopes on the project to re-ignite an economic miracle that has showed signs of flagging.

And British firms are among those hoping to hit the jackpot.

Barrie Lloyd-Jones has just been appointed UK honorary consul to Macae to help British employers and employees in the city.

The businessman, who has lived in Macae for nearly 30 years, told Sky News: "Brazil is no longer a third world country. It has fantastic opportunities for those that want to come here.

Oil, 100 miles off the coast, has transformed Macae

"The British Government is very interested in sharing this boom with Brazil. We're here to identify and take advantage of the opportunities.

"There are going to be more booms."

The "pre-salt" discovery would be one of them.

UK firm Sonardyne, which makes deep water positioning sensors for the oil industry, has been in Macae for 14 years and is expecting further growth.

The company's offshore development director, Richard Binks, told Sky News: "In the next 10 years, the potential to develop these fields will be adding enormous exploration and production budgets.

Macae is now six times the size it was a decade ago

"I think this place will be unrecognisable in 10 years' time."

But the international enthusiasm for Macae is not matched by locals who feel they are missing out on the windfall.

There have been protests at Petrobras locations.

Gesionildo Borges, who is working with oil companies and local authorities to try to spread the wealth, said it was vital new infrastructure, housing and training allowed local people take some of the new jobs.

If not, he said people would be forced to the edge of town where already crime has increased as a way of making a living.

The Brazilian government has promised that the wealth from the "pre-salt" bonanza will be shared by the whole population.

But, as protests over the cost of staging the World Cup have shown, Brazilians are wary of their government's promises to improve the lives of all.

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