The Consortium formed by Brazil's government managed oil and gas corporation Petrobras and Spain's Repsol announced the discovery of a thick column of natural gas in the offshore Santos basin, southeast of Brazil.
At a time when large raw materials companies around the world are cutting back budgets in the face of falling prices and demand Brazil's government managed oil and gas corporation Petrobras announced a 55% increase in its five year investment plan.
Brazil's Central bank reduced its benchmark SELIC interest rate a full point to 12.75% on Wednesday, its biggest cut since December 2003. Policy makers slashed the Selic rate by 1 percentage point to its lowest level since March 2007, when Brazil was still enjoying a boom that ended abruptly with the global economic crisis late last year.
Exxon Mobil Corp., Hess Corp. and Petrobras found evidence of oil at an offshore block in Brazil's Santos Basin in an area close to the largest oil discovery in three decades in the American continent.
Brazil trusts that the new administration of President Barack Obama will implement a more multilateral foreign policy and will strengthen political dialogue between Washington and Brasilia said Brazilian ambassador in the US Antonio Patriota.
Brazil is estimated to have lost the equivalent of 27.8 billion US dollars in investments from domestic and international corporations as a direct consequence of the global recession, according to press reports from Sao Paulo.
Spanish oil company Repsol anounced this week the discovery of traces of hydrocarbons at a deepwater well being drilled off the Brazilian coast. In an official statement Repsol said the well was completed in Block BM-S-48, located in the Santos Basin off the coast of the south-eastern state of Sao Paulo.
Brazil's president Lula da Silva said on Friday he would like to talk with US president elect Barack Obama before the government machine gets hold of him and expected the incoming leader would change his vision on Latinamerica and acknowledge the advance of regional democracy.
Brazilian farm exports totalled a record 71.9 billion US dollars in 2008, up 23% over 2007, according to the latest reports from the Ministry of Agriculture. Farm exports also reported a surplus of 60 billion US dollars last year while agro-business represented 36.3% of all of the country's shipments.
Brazil will temporarily shut down power plants fired by natural gas from Bolivia and will reduce imports of the Bolivian fuel through the end of April, announced Mines and Energy mister Edison Lobao.