It's a corporate coup backed by Wall Street
It's not rocket science
Brazil has always been owned by an elite. They lost ground for the first time under Lula and the left.
But they never lost their power. The rights and well being of the poor is not their concern. And there is no nationalism either, the elite have always been compradors taking orders and accepting the leadership of first the British empire, then the US from the 1920's onwards.
Brazil is a great prize, it has the potential to be a powerful independent country while today it is semi-independent.
Brazil's state oil company is a YUGE asset because it has technology superior to the western majors.
A major aim is privatization so they could get their hands on deep sea drilling technology. Also Brazilian metallurgy is a world leader with Brazilian steal alloy technology as good as the Japanese and Koreans.
Right now any state owned oil company can buy Brazilian equipment and tell the western oil majors to fuk off.
Owning it can keep them on the game because China and Russia have no choice but to develop their own taking years and billions or deal with the West and all their baggage.