Brazil 'to become an oil and gas giant'

Date added: 8th September, 2008 at 12:42 (view all articles from September, 2008)

Categories: Natural Resources

Brazil will become one of the world's leading suppliers of fossil fuels in the near future, the country's president has said, after Petrobras carried out the first extraction from its vast oil find.

Luiz Inacio Lula da Silva was quoted by Press TV as suggesting there is enough fuel in the south coast field - thought to be one of the biggest oil discoveries for two decades - to completely transform the nation.

"One can say with full certainty, [they] will make Brazil one of the world's largest oil and gas producers," he remarked.

"The priority for the resources from pre-salt fields will be education and the eradication of poverty.''

Earlier this month Brazil was invited to join the Organisation of Petroleum Exporting Countries (Opec) by Iran, after reports suggested it could become the world's sixth biggest oil producer.

Opec contains 13 countries at present, including Brazil's south American neighbours Venezuela and Ecuador.

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