Oil finds could make Brazil a global player
Brazil is taking new steps to defend recently discovered offshore oil reserved that could see the country become a big player in world energy markets, it has been reported.
Last year, the government-managed company Petrobas announced it had uncovered a deposit with reserves of between five and eight billion barrels of crude oil
According to MercoPress.com, the find could propel Brazil into the world’s top ten producers of the black stuff.
By 2017, Petrobas hopes to have doubled the amount of deep and ultra-deep drilling rigs it has in operation.
Brazil’s armed forces has said it will hold a military exercise to demonstrate its ability to defend the country’s reserves.
Petrobas was founded in 1953 following the enacting of Law 2.004
In 1997, through Petrobas, Brazil took its places among the select group of 16 nations that produce more a million barrels of oil a day.
