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Petrobras makes £27.8 billion investment in Brazil oil
A R$74.8 billion (£27.8 billion) investment in Brazil has been made by state-run oil firm Petrobras, which paid for nearly five billion barrels of the commodity.
The company, which is based in Rio de Janeiro, has also been given permission to extract the resource from Tupi Northeast and Sul and Guara East fields.
Finance minister Guido Mantega was quoted by Bloomberg as saying: "This is the biggest operation ever done of its kind".
Most of the reserves will be taken from Franco, where 3.1 billion barrels will be produced.
Other areas contributing to the 4.99 million barrels the company has been given the rights to include Guara East and Iara - all off the coast of Rio de Janeiro and Sao Paulo.
According to Bloomberg, the business is currently attempting to raise $224 billion (£145.32 billion) in order to increase its refinery capacity and develop offshore fields.
Petrobras currently operates in several areas off the coast of Brazil including Santos, Campos, Espirito Santo and Potiguar Basins.
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