Lula Hails New Oil Find Near Amazon River as 'Passport to Brazil's Future'

Brazilian President Luiz Inácio Lula da Silva recently visited an offshore drilling vessel operated by Petrobras, Brazil's majority state-owned corporation. The visit came after the company announced a new oil find near the mouth of the Amazon River.

The discovery is significant as it suggests that the Equatorial Margin, which includes the region where the find was made, may hold up to 10 billion barrels of oil with a potential value of about 3.8 trillion reais ($720 billion).

Petrobras president Magda Chambriard said that all studies indicate substantial potential and that further research is needed to determine how much oil the area contains.