Over the past year, Brazil has established itself as one of the most exciting markets in the world for investors. Its Bovespa stock index is up 55% this year. And the discovery of the huge new Tupi oil field off its east coast has led some investors to refer to Brazil as the “New Saudi Arabia.”

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Brazilians used to joke that their country was the country of the future – and always would be because a new crisis seemed to crop up every time the economy came close to fulfilling its potential.

Brazil is making a national commitment to develop energy resources located far offshore in the South Atlantic. Indeed, no nation has ever advanced such an ambitious plan for long-term comprehensive offshore development. And it’s being bankrolled by China.

Experts roundly agree that the recession is only a short-term blip in the long-term escalation of oil prices. And this time, there are 1.05 trillion reasons why oil is going to climb well past its peak last year.

At this point, it is good to look for the defensive plays that have been neglected in this upturn and for safe havens for investors taking profits from the recent run.  After looking long and hard, I came to General Mills Inc. (NYSE: GIS).

With Exxon Mobil Corp.’s (XOM) new oil discovery off the coast of Brazil – the latest in a series of such offshore finds and potentially the largest Western Hemisphere discovery in three – the South American nation has taken another giant step in its quest to become a global energy superpower.

With dropping oil prices and the current global attitude on commodities, Horacio Marquez of Money Morning recommends this offshore drilling company as a top performer in its sector.