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mous offshore oil field about 160 miles (250 km) off the coast of Rio de
Janeiro. Other massive offshore fields were discovered in 2008 and 2009.
Some experts believed that the finds would put Brazil on par with such major
oil producers as Saudi Arabia, in terms of proven reserves. However, extract-
ing the petroleum from these fields is very costly, as it involves drilling
through thick layers of rock and minerals in water more than 3 miles (5 km)
deep. So Petrobras has not yet been able to exploit this discovery, although
the government remains hopeful that by 2020 Brazil will be exporting 1.6 mil-
lion barrels of oil per day.
The manufacturing sector has been a key to Brazil’s economic develop-
ment, enjoying periods of rapid growth, especially in the late 1950s and the
1970s. Brazil has become a leading producer of steel. Automobiles, aircraft,
electrical goods, and chemicals are other important industrial products.
Brazil
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A farmer harvests
coffee beans on a
plantation. Brazil is
one of the world’s
top producers of
coffee.