No6 Posted June 26, 2008 Report Share Posted June 26, 2008 June 26 (Bloomberg) -- Brazil's President Luiz Inacio Lula da Silva said the country will at least triple its oil reserves from exploration of a new offshore area that includes the Western Hemisphere's largest discovery since 1976. ``This is very promising for Brazil,'' Lula, 62, said in a Bloomberg Television interview today at the presidential palace in Brasilia. ``We have to take advantage of this oil to develop the country.'' A tripling of proved reserves from 12.6 billion barrels would move Brazil into the world's top 10 nations in oil supplies, according to estimates from London-based BP Plc. Brazil, Latin America's largest economy, would overtake Nigeria, currently the No. 10 nation with 36.2 billion barrels and put it close to Kazakhstan, which has 39.8 billion barrels. http://www.bloomberg.com/apps/news?pid=206...&refer=home Link to comment Share on other sites More sharing options...
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