Petrobras Boss Defends Lula's Plan. Announces Another Santos Find. Says Reserves May Double.

BLOOMBERG/
Petrobras Chief Jose Sergio Gabrielli was in New York to defend President Luiz Inacio Lula da Silva’s plan to increase control over energy through regulations being debated in Congress. “We are in a fantastic moment,” said Gabrielli. Brazil has the world’s biggest potential reserves and the ability “to develop the whole supply chain to provide goods and services to the oil industry,” he said.
Petrobras also announced finding another deposit of oil and natural gas in Brasil’s Santos Basin.
Petrobras’s proven oil reserves may more than double to as much as 35 billion barrels in the next two to three years from about 14 billion currently, he said.