Brazilian press is reporting that the country will announce its largest oil discovery ever, the new Libra field, which is expected to be even larger than Tupi. Is it expected to hold 12 billion barrels of recoverable light sweet oil, worth about $1T today. This is a conservative estimate, which assumes that only 13% of the oil can be recovered (total of 60B barrels).
Although he well is being drilled by PBR, Petrobras,
PBR (click for alerts and TA), it is owned by the country.
Below are straddles for the most popular Brazilian ETF, EWZ, for November and December:
Please do your own due diligence, this is not advice.
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