This paper focuses on the premise that despite changes in the type of Brazil’s governmental leadership—and their respective political priorities and economic policies—the nation has engaged in a continual movement toward the fulfillment of its vision of self-sufficiency in oil, for the purposes of economic development as well as those of national security. After attaining self-sufficiency in oil in 2006, new offshore discoveries beginning in 2007 have placed Brazil among the world’s top ten countries in oil reserves. In light of these discoveries, the Brazilian government is considering a new legal framework with respect to its offshore oil reserves. This paper provides historical evidence to substantiate the premise and assesses the implications of the new framework in relation to continuing the country’s historical goal and achievement of self-sufficiency in oil.