Petrobras raises the stake for unconventional oil

Alex Davis
01 Nov 2010

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The sale by semi-state-owned Brazilian oil major Petróleo Brasileiro (Petrobras) of some $70 billion-worth of shares in September in a world-record global offering demonstrates strong market confidence in unconventional oil production, analysts say.

The sale was part of an effort to secure $224 billion investment in order to exploit the ultra-deep water oil fields discovered in the Santos Basin off the coast of Brazil in 2006. Within the basin, the Tupi field alone contains between 5 billion to

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