Brazil’s upstream prospects continue to brighten, as the state-controlled company makes another massive find Petrobras’ latest find could contain as much as 33 billion barrels of oil equivalent, according to Haroldo Lima, head of upstream regulator Agência Nacional do Petróleo (ANP). If confirmed, the prospect would be one of the largest oilfields in the world, the biggest discovery in around 30 years and would transform Brazil’s potential as an oil exporter. However, the state-controlled company, operator of the Santos basin’s block BM-S-9, with a 45% share, has not confirmed ANP’s claim, saying “more conclusive” data are needed. Petrobras plans to drill further wells in what it is referring to as the Carioca area and to conduct other tests before estimating the size of the discovery. ANP was first informed of the presence of hydrocarbons in the block in September, after the drilling of an initial well. In March, Petrobras began a second well and although this has not yet reached its target area, the indications must be extremely positive. It is more good news for Petrobras and Brazil – as well as a boost for the block’s other shareholders, the UK’s BG Group, with 30%, and Spain’s Repsol YPF, with 25%.