Tests conducted by Petrobras indicate that the Tupi field, off the coast of south-east Brazil, has between five and eight billion barrels of light oil and natural gas, which would boost the country’s total reserves by at least 40%.

President Lula's chief of staff, Dilma Rousseff, commented that the new find could 'contribute to Brazil moving from an intermediate nation in the petrol sector to another level'. As well as being poised to move up the league table of oil-producing nations, Brazil could also now become a major oil exporter for the first time.

Source: Petrobras, Agência Brasil and Embassy of Brazil in London