Brazil Reports Massive Oil Find

An oil discovery by Brazilian state-owned company Petrobras could be the world's largest oil find in decades containing 33 boe, Brazil's National Petroleum Agency (ANP) has announced.

Speaking to reporters in Rio De Janeiro, ANP President Haroldo Lima said oil reserves in the deep-water exploration area, named Carioca, would make the block the world's third largest known oil reserve, writes Associated Press.

If confirmed, Carioca will be five times larger than last year's giant subsalt Tupi discovery, according to Lima.

Petrobras says more studies are needed to determine the potential of the find before an official confirmation of the discovery is made.

Brazil's current proven oil reserves, containing mainly light oil, are 11.8 billion barrels, according to US Energy Department statistics.

By Ozge Ibrahim