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Brazil sets sights on increasing oil production

07/07/2008
Brazil will at least triple its oil reserves by exploring the new Tupi offshore area, and will use the future revenues on healthcare and education for the country, according to Brazilian President Luiz Ignacio Lula da Silva.“This is very promising for Brazil. We have to take advantage of this oil to develop the country,” Lula told Bloomberg Television. “It’s a chance for the Brazilian poor to use this money as opposed to having people with a lot of oil and three or four watches and a Rolex in their pockets. We want to take advantage of these riches to ensure that Brazil can take a great leap forward.”The Brazilian president avoided estimating the exact amount...
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