Petrobras to focus efforts on Brazil
Brazilian oil producer Petrobras has said it intends to focus its operations in its home country following the discovery of the biggest oil deposit to be found in decades.
According to the Financial Times, company chief executive Jose Sergio Gabrielli said the company will reduce operations in some of the other xountries it explores in a bid to further investigate the new source.
The Santos Basin holds a deposit in its Tupi field which could contain as much has eight billion barrels of oil, Mr Gabrielli said.
It is estimated that excavation of the black gold will begin in March 2009, which could encourage investors to purchase property in Brazil as its economy benefits from the find.
Founded in 1953, Petrobras was recently listed as the second-biggest company in Latin America by the website of Brazzil magazine, which also ranked it as among the top five energy sector companies in the world.
