Just noticed a huge spike in stock price in Petrobras (PBR), one of the few oil exploration companies in the world who can actually increase reserves [Dec 12: Petrobras Having a Good Day] [Nov 8: Petrobras Soaring Today] – looks like this is the news.

If true this would be ridiculous – the Tupi discovery was enormous and if this is 5x as big… well, did I mention this was ridiculous. Off the Tupi discovery alone, I believe Petrobras was headed to be the largest company in the world, passing Exxon; before what could be happening today. Again, we love to own monopolies – this would be like owning public shares in Saudi Arabia’s oil reserves…. whew.

An offshore find by Brazil’s state oil company Petrobras (PBR.N: Quote, Profile, Research) in partnership with Repsol-YPF and BG Group, may be the world’s biggest oil discovery in the past 30 years, the head of the National Petroleum Agency (ANP) said on Monday.
Haroldo Lima told reporters the find known as Carioca could contain 33 billion barrels of oil equivalent, five times the recent giant Tupi discovery. “It could be the world’s biggest discovery in the past 30 years,” Lima told reporters.
Petrobras last year put Tupi’s recoverable reserves at between 5 billion and 8 billion barrels of oil equivalent, most of it light oil.
Long Petrobras in fund; no personal position but this is one to throw in the kitty for the grandkids stock account

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