Brazil has discovered huge new petroleum reserves in its south that could turn the country into one of the biggest oil producers in the world
Brazil has discovered huge new petroleum reserves in its south that could turn the country into one of the biggest oil producers in the world, the government and its state-controlled oil company has announced.
If one of the deposits turns out to be as vast as it appears, Brazil will be in the same league "as the Arab countries, Venezuela and others," the senior minister in charge of the cabinet, Dilma Rousseff, said.
Petrobras, Brazil's national oil company, said in a statement that exploration of its Tupi field, offshore Sao Paulo state, revealed it could produce up to eight billion barrels of light oil and natural gas.
The head of Petrobras, Jose Sergio Gabrielli, told a media conference in Rio de Janeiro that Brazil's total reserves could now place it "between Nigeria and Venezuela".
Petrobras' previous stated reserves, given at the end of 2006, were the equivalent of 11.46 billion barrels of oil.
