News
Brazil hits oil jackpot
Thursday 22 May 2008
Brazil's economy received a boost today as the country's state-controlled oil company announced that they have found a significant oil supply.
The discovery is the fourth giant oil field that Petrobras has found in the last six months.
One of the oil finds in Tupi, near Brazil's south-east coast, is estimated to hold approximately eight billion barrels which would make a considerable addition to the 15 billion barrels the company currently has in proven reserves.
With a market value surpassing Microsoft, Petrobras is now believed to be worth in excess of $280 billion.
Petrobas is the third largest company in the Americas and its shares have risen 110 per cent in the past year.
Brazil's GDP is the highest of Latin America and the country has large and developed agricultural, mining, manufacturing and service sectors.
Brazil is regarded as one of four emerging economies known as BRIC (Brazil, Russia, India and China).
Experts believe the economies of these countries are developing rapidly and by 2050 will surpass most of the richest countries in the world today.
The discovery is the fourth giant oil field that Petrobras has found in the last six months.
One of the oil finds in Tupi, near Brazil's south-east coast, is estimated to hold approximately eight billion barrels which would make a considerable addition to the 15 billion barrels the company currently has in proven reserves.
With a market value surpassing Microsoft, Petrobras is now believed to be worth in excess of $280 billion.
Petrobas is the third largest company in the Americas and its shares have risen 110 per cent in the past year.
Brazil's GDP is the highest of Latin America and the country has large and developed agricultural, mining, manufacturing and service sectors.
Brazil is regarded as one of four emerging economies known as BRIC (Brazil, Russia, India and China).
Experts believe the economies of these countries are developing rapidly and by 2050 will surpass most of the richest countries in the world today.
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