‘Huge’ oil field found in Brazil
An oil field which has been described as "huge" has been discovered in Brazil, according to new reports this week.
Brazil’s state-controlled oil company, Petrobras, has found around eight billion barrels of light oil in the Santos Basin in the southeast of the country, which could put Brazil on the map as a major exporter of oil.
The country’s presidential chief of staff, Dilma Rousseff, said: "This has entirely changed our situation."
It is estimated that the oil found in the Tupi field could represent 40 per cent of the total oil reserve in Brazil and provide a huge economic boost for the Latin American country.
Petrobras said in a statement: "If recoverable oil and gas volumes for the pre-salt reservoirs are confirmed, they will significantly raise the quantity of existing oil in Brazilian basins."
Real estate investors looking for high-yielding property returns with relatively low-entry costs may consider investing in Brazil following the oil discovery, which may strengthen the country’s economy and in turn raise house prices.
For more information on Brazil property investment and to find out about uv10’s latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
