Major Brazilian Oil Discovery
Added by: Loxley McKenzie | February 25th, 2008Petrobras, the state-owned oil company within Brazil has announced a major new discovery of between five and 8 billion barrels of oil. The discovery is of light crude which is less expensive to refine and consequently its value is higher. The total size of the discovery puts Brazil in the same league as Saudi Arabia.
Petrobras’s chief executive is not currently speculating about how big an oil power Brazil could become, however he does say that there is potential for more discoveries on the scale of this one, which is itself the world’s second-biggest oil find in the last two decades.
The knock-on effects for Brazil’s economy are likely to be dramatic. Already self-sufficient in oil and the world’s leading user of bio ethanol, Brazil is likely to become a significant exporter.
With this background and the ever-growing Brazilian economy it makes foreign property investments in Brazil look even more attractive.
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