A Brazilian newly found hige offshore oil field could raise the country's petroleum reserves by 40% and boost the country into the ranks of the world's major exporters, Brazilian government said.
The government-controlled oil company PDVSA of Petrobras said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable light crude.
If so, the company's shares will soar and Brazil could join the world's "top 10" oil producers.
Petrobras President Sergio Gabrielli said Thursday the oil from ultradeep areas, including the Tupi field, would give Brazil the world's eighth-largest oil and gas reserves.
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Brazil Elated By Newly Found Tupi Oil Field Reserves
If so, the company's shares will soar and Brazil could join the world's top oil producers
