New large oil discovery in Brazil is further shifting the energy balance

Petrobras yesterday announced the discovery of up to 8 billion barrels of new oil and natural gas deposits in the Tupi field offshore Santos Basin. This new finds ranks Brazil as world number 8, moving ahead of Nigeria in the oil and natural gas producing nations. Brazil's latest find in the Tupi field ranks the country well against the recent find in Kazakhstan's Kashagan field. Let's see how the market reacts to this. More