More Oil Discovered Off Brazilian Coast

Petrobas, the Brazilian state-owned oil company, has announced another major oil find in the deep Santos Basin waters. 

The new site is located about 250 miles east of the state of Sao Paulo at a depth of about 10,000 feet.

A consortium of Petrobas (45% owner), BG Group (30%), and Repsol (25%) were involved in the newest oil discovery.  

Not surprisingly, Petrobas's common shares are trading at 19 times 2009 earnings, according to today's Wall Street Journal ("Petrobas's Preferred Play").

Brazil's position as a major transportation fuel (oil and biofuels) producer seems set to expand, thus making the country's economy an even larger player in the world.