Ampersand
Pure play = Petrobras
Side plays = Repsol, BG Group
However, they say Exxon Mobile and Hess might have better positioning
But- you can have no doubt that the gov't will make sure Petrobras gains- that is the safest play. However it is already discounted.
That said, the gov't minister is overestimating the reserves. PBR themselves have said that it might be much much less.
Initial drilling and exploration starts this summer with more expected by end of 2008 and early next year. Stay tuned for details...