Photograph by Felipe Dana, AP
In October 2010, former Brazilian President Luiz Inácio Lula da Silva happily raises his hands, covered with the first oil from the massive deepwater oil field which now bears his name. The "Lula" field holds some 6.5 billion barrels of oil.
Lula is just part of a massive deepwater oil inventory at the disposal of Brazil's national oil company Petrobras—perhaps 48 billion barrels in all. Recovery of these reserves promises to make Brazil a major player in the international petroleum market.
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