Report: Western Hemisphere’s Largest Oil Field Profitable at $50 Crude
The Spanish banking group, Banco Santander, says that the Western Hemisphere’s largest oil find in three decades, discovered by Brazilian energy company Petroleo Brasileiro (otherwise known as Petrobras), can turn a profit even with crude hovering at the $50 per barrel level.
Partly based on these discovered –and yet to be discovered– pre-salt oil deposits, Brazil believes it can one day become one of the world’s leading crude oil producers.
“Brazil can become the world’s third-largest oil producer without putting on a turban,” Brazilian President Luiz Inacio Lula da Silva said back in June. By that, he said he meant Brazil can be a leading producer without giving up “its Brazilian ways.”
The Brazilian government holds more than 50 percent of Petrobras’ common shares.