Brazil’s New Oil Frontier Could Keep Its Boom Alive For Decades

Brazilian President Luiz Inácio Lula da Silva has hailed a new offshore oil discovery by Petrobras (NYSE: PBR) near the mouth of the Amazon River as a "passport to the country's future", continuing his support for controversial oil and gas drilling in Amazon's ecologically sensitive regions.

Last week, the state-run Oil & Gas giant announced it has found oil at the Morpho-1 well (Block FZA-M-59) in the mouth of the Amazon roughly 180 kilometres (112 miles) off the coast of Amapa state, “All of our studies indicate substantial potential.