The Next Oil Boom: Brazil’s Lula Field

According to a report from the Houston Chronicla, Brazil's quest to remake itself into a global oil superpower is gaining momentum on a giant ship anchored about 200 miles south of Rio de Janeiro in the deep waters of the Atlantic Ocean. Crews on a tanker-like vessel recently began extracting the first barrels of oil from a giant field known as Lula, more than three miles below. A vast network of nearby "pre-salt" reservoirs are estimated to hold 50 billion to 100 billion barrels of oil — enough to turn Brazil into one of the world's top five producers of crude.