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Brazil Property News: Carioca could be 'biggest oil discovery for 30 years'
16th April 2008 05:10
An offshore Brazilian oil find could be the world's biggest discovery for 30 years, according to the nation's petroleum association.
State oil company Petrobas made the find just off the nation's south-eastern coast in partnership with BG Group and Repsol.
The head of Brazil's National Petroleum Agency, Haroldo Lima, told local reporters that the find, known as Carioca, could potentially contain 33 billion barrels of oil.
"It could be the world's biggest discovery in the past 30 years, and the world's third-biggest currently active field," he added.
Petrobas declined to comment on the discovery and maintained that studies on the find continued.
Brazil's oil industry has had many boosts recently, last month the Associated Press reported that Noble Corp had signed a $4 billion (£2 billion) contract with Petrobas.
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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