Brazil Discovers Crude Oil Deposit of “Exceptional” Magnitude

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Brazil’s Petrobras, the state-controlled oil company, has discovered a new crude oil deposit off the Sergipe state coast. The CEO of Petrobras, Maria das Gracas Silva Foster, called the magnitude of the deposit “exceptional.” Foster went on to say that they do not have any figures to provide yet because they are still conducting tests.

According to government officials of Sergipe, the crude oil is the “largest discovery in the world” for 2013. In addition, they predict that the crude oil will be cheaper to develop because it is relatively closer to shore than other “pre-salt” reserves located further south.

Edison Lobao, minister of energy and mines, is set to make an official announcement on October 23.

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Source: Fox News Latino.

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