Some of the world's largest oil deposits have been found there in extremely deep water under layers of rock and salt in what's called the pre-salt region.

If Brazil can tap into that challenging terrain, it hopes to more than double output to six million barrels of crude a day by 2020. That would make it one of the top four oil producers in the world and reduce the influence of OPEC.

Brazil is poised to become an important energy player on the global stage.

But analysts warned that Brazil's timetable is looking overly optimistic.

There is a very good chance that they are gonna fall short and the reason is driven by the government's competing policy priority to through the pre-salt also develop a local oil service and supply industry.

In other words, up to seventy percent of the equipment has to be made in Brazil. New policies also require that Brazil's state-run oil giant Petrobrass be the lead operator in all new projects. At the same time an oil spill off the coast of Rio dejeinero last year raised concerns companies are not yet prepared for the daunting environmental and technical challenges.

All of that means Brazil may not double output by 2020 but considering the country is already on the verge of energy self-sufficiency there is still going to be a lot of oil coming onto the international market over the next decade.

China has already tried to get its foot in the door by investing in Brazil's oil and gas sector. President Barak Obama said the United States would be a loyal customer. How soon could all that happen will now depend on Brazil's government and the new CEO of Petrobrass-Maria das Gracas Silva Foster. If she succeeds, the global oil industry will have to make a room for one more at the table.