Investment in Brazilian oil 'a good opportunity'
Date added: 10th June, 2011 at 10:10
(view all articles from June, 2011)
Categories: Natural Resources
People considering making an investment in Brazil may be attracted to the country due to the success of its offshore oil industry, as one expert has spoken about the rewards of ploughing money into the sector.
Speaking to International Living magazine, Marcio Mello, former employee of state energy firm Petrobras and now the owner of his own exploration company HRT, explained that those backing the industry are receiving strong returns.
The expert stated that shareholders for his firm have seen the value of their investments rise 80 per cent.
As much as 6.6 billion barrels of oil equivalent (BOE) were excavated by the firm this February, up from 227 million BOE in July 2009, the news provider reported.
The success of the oil industry in Brazil can be seen in other companies as well.
Petrobras has ranked second out of all its global counterparts in terms of stock price for the last seven years, while Mello's firm jumped in value from $80 million (£49 million) to $6 billion between June 2009 and February 2011.
In the first quarter of this year, HRT's gross profit was 2.4 billion reais (£930 million).
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