Official: Brazilian coast flush with oil

RIO DE JANEIRO, Brazil (AP) -- A top Brazilian oil official says there are between 50 billion and 70 billion barrels of oil in recently discovered offshore reserves.

State-run oil company Petrobras made the discoveries in the last year. They could turn Brazil into a top oil exporter.

Haroldo Lima, the director of Brazil's National Petroleum Agency, says the agency came to the estimate after extensive research of the reserves.

Lima says the oil finds could change the world's geopolitical scene and spark rapid industrial development in several sectors that would support the petroleum industry, such as shipbuilding.

He also says Friday that falling oil prices won't hurt investment, as long as a barrel of oil still fetches between $35 and $45.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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