The first quarter will not be good for the industry in Brazil.

The new organizational structure will enable us to adapt our business even more to the needs of the market and our customers and at the same time to exploit further potential for synergies.

He will give his blessing to the whole of Brazil.

Brazil is currently producing about 1.7 million barrels a day. This new field will boost output by about 6 percent. This is a significant development.

What this means for Latin America is that it will be more expensive for countries like Brazil and Mexico, with big external financing needs, to issue more bonds overseas. The market is simply very nervous.

We know it will be of secondary importance to Brazil-Argentina, but we'll be approaching it with the seriousness it deserves.