Brazil to become major oil exporter?

Brazil is on the forefront of promoting biofuels as a viable energy source, yet the recent discovery of a massive oil field may change that a little.

Petrobras officials revealed last week the discovery of the offshore Tupi field which is expected to significantly boost the country’s oil reserves and perhaps lift Brazil to become one of the world’s top oil exporters. News of the find catapulted Petrobras stocks and has led to optimism over the future of Brazil's economy:

"If this is confirmed, we will no longer be a 'medium' country, pursuing self-sufficiency and exporting a little. It will transform the nation to another level, with exporting properties like Venezuela, Arab nations and others," said Dilma Rousseff, presidential chief of staff.

For a country that went deeply into debt buying foreign oil in the 1970s and '80s, "this has changed our reality," she said.

The Tupi find may serve as the impetus for Brazil joining OPEC according to the country’s president and attracted the attention of Venezuela who invited Brazil to form a regional energy alliance.

Sources- Bloomberg, Monsters & Critics, The Latin Americanist, UPI, CNN, International Herald Tribune, Times Online, earthtimes.org

Image- New York Times (“The P-43 floating platform is near Macaé, Brazil, which is the logistical base for a cluster of 38 platforms.”)