Petrobras Market Value Up $53 billion
Carlos Renato Nunes, an oil analyst with Sao Paulo-based brokerage Coinvalores CCVM said that the light oil found at the Tupi field is a light grade, more valuable, & cheaper to refine than heavy crude. Nunes adds that the Tupi field is close to Petrobras major operations so no new installations need to be built.
The finding of the Tupi pil fields has made the Petrobras company increase its market value up $53 billion in a single day. Oil is certainly big business. Venezuela as the previous main player of oil exports in South America has a new competitor. U.S. is also touted as shifting its attention to Brazil for oil imports. Brazil’s Petrobras is ranked fourth with 13 billion barrels of oil & gas equivalent in 2006 & now looks to improve its standings.
Source:
Bloomberg
