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Investment in Brazil news: Oil volumes comparable to North Sea fields discovered

People considering an investment in Brazil may be encouraged to hear that significant oil reserves have been found off the country's coast.

Head of exploration and production for state-run energy company Petrobras' London arm Francisco Nepomuceno Filho told Bloomberg that the output of the Latin American fields could be comparable to that of the North Sea.

The expert went on to note the economic impact this discovery is likely to have on the South American nation.

"Brazil as a whole could have a potential of the same size of the North Sea, including Norway and the UK ... Those two countries grew a lot and had huge development," he said.

The Latin American reserves are expected to be equivalent to around 50 billion barrels of oil and Mr Nepomuceno told the news provider that Petrobras is set to produce 2.1 million barrels a day in 2011.

Before development in the North Sea began, the UK and Norway held around 62 billion barrels worth of the resource, the expert stated.

Chief executive officer for Petrobras Jose Sergio Gabrielli recently predicted that Brazil could become the largest market in the world for ultradeep water exploration services and equipment.

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