Oil giant pumps $4bn into Brazil
An oil giant has signed a $4 billion (£2bn) contract with Brazilian state oil company Petrobas, reports the Associated Press.
The 29-year deal will cover oil drilling contractor Noble Corp’s four deepwater rigs off the Brazilian coast.
The company’s shares rose 4.3 per cent to $50.10 in pre-market trading after the news was announced.
It has another newly built deepwater rig that will begin a five-year contract with Petrobas in 2009.
In November last year, Dow Jones reported that Petrobras confirmed it had found up to eight billion barrels of oil off the coast of Rio de Janeiro in its ultra-deep Tupi field.
Shortly after this in January 2008, the firm announced that it had discovered a massive gas field nearby.
The discovery of another oil field in the Latin American nation could be good news for those considering buying property in Brazil as many analysts say it has bolstered its economy.
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