A new oil field has been discovered off the coast of Brazil. Heraldo Lima, the head of the country’s National Petroleum Agency has announced that it may be the third biggest oil field in the world, but the agency itself has since distanced itself from his claims. More drilling and studies need to be conducted to determine the number of barrels that can be extracted from the region, but in any case, it should turn out be a superfield of at least 5 billion barrels. This would boost Brazil up to the 7th largest oil producer in the world. Traditionally Brazil has been overlooked as a major oil producer because of larger energy providers in the region such as Mexico and Venezuela. Brazil is also at the center of the bio-fuel revolution, currently exporting corn-based ethanol. The new find will therefore bring a lot of political and economic changes to the country.
You can read more about it here:
http://www.guardian.co.uk/business/2008/apr/16/oil.brazil
http://www.forbes.com/energy/2008/04/15/oil-brazil-carioca-biz-energy-cx_pm_0415notes.html
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