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Brazil Property News: Second 'huge' oil field found in Brazil
22nd January 2008 11:53
Another "huge" natural gas field has been discovered in Brazil.
State-owned oil firm Petrobras found the new field, Jupiter, which it says could match the recently discovered Tupi oil field.
Located off the shore of Rio de Janeiro's coastline, the Tupi field is thought to be one of the biggest oil fields discovered in the last 20 years and is estimated to account for 40 per cent of Brazil's total oil reserve.
In November last year the firm announced that recoverable reserves at Tupi were in the region of between five billion and eight billion barrels.
However, Petrobras has not yet issued any firm estimates as to the size of Jupiter's resources and says further work needs to be done in order to establish its exact dimensions.
Many analysts have predicted that the discovery of such vast quantities of oil in Brazil will have a positive impact on the emerging market's economy.
Positive economic news may be looked on favourably by property investors in the region, who may experience a rise in rental yields as a result.
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
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