Traders Cooperative

[Randy1960]

Jim, I believe this is what you heard about:

http://www.presstv.ir/detail.aspx?id=30379§ionid=351020706

Giant oil find in Brazil
Fri, 09 Nov 2007 06:26:32


Petrobras, the government-run oil company
Brazil is to become one of the world's major petroleum exporters after finding a giant oil field, raising the country's reserves by 40%.

Petrobras, the government-run oil company, said the new "ultra-deep" Tupi field could hold as much as 8b barrels of recoverable light crude, sending the firm shares soaring and prompting predictions that Brazil could join the world's "top 10" oil producers.

Petrobras President Sergio Gabrielli said the oil from ultra-deep areas, including the Tupi field, would give Brazil the world's eighth-largest oil and gas reserves.

The new oil field which located in Brazil's southeastern Atlantic coast has between 5b and 8b barrels - that is 40 percent of all the oil ever discovered in Brazil.

Gabrielli said that Brazil's total oil reserves currently rank 17th in the world, at 14.4 billion barrels.