Watch out world: Brazil has even more oil than previously imagined. While the Tupi field has made headlines, the newly explored Libra field now has even more potential. With elections coming up, it will make multinational companies especially interested in Brazilian politics and legislation, since drilling rights may be auctioned off next year.
From Reuters:
"Brazil's offshore Libra oil prospect contains approximately 8 billion barrels of oil, a government energy official said on Monday, vastly boosting a previous estimate of 5.5 billion barrels and possibly making it the second-largest crude discovery in a decade. The area could be included in the first tenders of fields
in the vast deepwater region known as the subsalt, once Congress approves a new production sharing system for oil fields in that region."
I also came across this interesting video in English that discusses the oil industry in Brazil, as well as the controversy of offshore drilling there:
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