Giant Oil Discovery in Brazil

[bherrera]

The Brazilian oil company Petrobras reported they have a new giant oil discovery, which they named Libra. This is almost the size of the other giant oil discovery they have, Tupi. Brazil plans to offer these oil fields in a bid round, to allow oil companies to bid for the right to invest in the project to develop these oil fields, which are located in very deep water near Rio de Janeiro.

It is estimated the oil from these giant fields will allow Brazil to become the number three oil production nation in the Western Hemisphere, after USA and Canada. The only problem is the oil location, it is in deep water, similar to the location of the BP oil well in the Gulf of Mexico, the one named Macondo which exploded and killed 11 people.