Brazil's oil reserves in the Equatorial Margin and Pelotas basin are blocked by IBAMA, preventing exploration and value creation. If these blockages are removed, Petrobras could unlock substantial value from these reserves.
Vale do Rio Doce has R$70 billion in authorized investments waiting for environmental licensing, representing a huge value if unblocked. The institutional blockage prevents these projects from proceeding, but if resolved, Vale could benefit significantly.