Rio de Janeiro
One of the brightest offshore frontiers in the world, Brazil is quickly catapulting itself into the top tier of global oil producers with recent pre-salt discoveries dotting the Santos and Campos Basins. The South American sweet spot retains the largest proven oil reserves only after Venezuela. Pegged as the Western Hemisphere's 3rd largest energy consumer, Brazil has proven oil and natural gas reserves of 12.6 billion barrels and 12.9 Tcf, respectively, as of 2009. Brazil plans to cede rights to explore and produce some 5 billion barrels of oil in the promising subsalt region to its state-run oil giant Petrobras.