The only fragment that DOES NOT refer to an aspect that might represent an obstacle for the progress of the exploration of Brazil’s deep water oil reservoirs is

a

“The drying up of international financing, significantly lower oil prices and the technological and geological challenges (….) make longterm cost calculations difficult.” (lines 7-10).

b

“The revised plan for 2009-13 is based on an average oil price of US$ 42/b and calls for investments of around US$ 174.4bn, a 55% increase from the US$ 112.4bn stated in its 2008-12 investment plan.” (lines 14-18).

c

“The company has raised US$10.5bn of the US$ 28.6bn it needs. Of the remaining US$ 18.1bn, it is set to receive US$ 11.9bn from the Banco Nacional de Desenvolvimento Econômico e Social” (lines 20-23).

d

“Growing difficulties in accessing international capital markets could scupper these plans or-at the very least-sharply raise the cost of borrowing.” (lines 29-31).

e

“Brazil’s new oil and gas potential has raised doubts about the extent of that openness in the future, as the government debates the preferred degree of private participation.” (lines 48-51).

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