With Brazil making the largest oil finds in the western hemisphere for the last 30 years, the wealth generated for the country will result in a huge redistribution of money, leading to sustained growth in the Brazilian property market.

Finance Minister Edison has stated in the next ten years Brazil will become an oil superpower and based on current projections will have crude oil for export for the next 50 years. This will result in Brazil becoming an important player in international politics.

The Finance Minister went on to say that Brazil will be producing 3.6 million barrels a day by 2017. Domestic demand in Brazil is projected at 2.6 million barrels, which would leave Brazil with a substantial surplus for export. The Government is also planning to invest in the petrochemical arena so that oil derivatives can be sold and not just crude.

The Government owned company, Petrobas, is responsible for the management and exploration of oil and gas in the country. The company has been recently ranked eighth in the world by market value by the leading accountants, Ernst & Young.

With the recent huge finds and massive leaps forward in technology accomplished by Petrobas, its market value has risen from $95.9 billion just over a year ago to $164.8 billion.

The discovery of another huge oil find this September in Brazils Santos Basin, Petrobas in conjunction with the United Kingdoms BG Group and Spain’s Repsol was the result of a fourth well was drilled in the BM-S-9 block off the country’s south-eastern coast.

This was not the only find that week in the region, as a previous deposit discovered just a few days earlier is believed to hold between 1.2 and 2 billion barrels of oil and gas. Exact figures on how far the new discovery will extend existing reserves are yet to be announced.

Petrobras will now concentrate its investment strategy on the domestic market, said Petrobras CEO Jose Sergio Gabrielli, who went on to explain that the primary objective now was not to continue investing overseas, but to ensure the effective development of all the recently-discovered offshore oil reserves.

The Brazilian Congress is currently debating President Lula da Silva’s plan to increase control over the energy industry through regulation. His administration proposes assigning the dominant role in the nations petroleum industry to state-controlled Petrobras.

The proposal would give Petrobras operator status for all Brazil’s oil and gas finds as well as becoming the commercial outlet for all domestic and international oil derivative sales. Under the proposal a new state-owned company would also be created to manage the governments oil and gas assets. This new company, Petrosal, could eventually grow larger than Petrobras according to analysts.

Speaking this week, Petrobras CEO, Jose Sergio Gabrielli announced We are in a fantastic moment. Brazil is cementing its future as a leading oil superpower and the positive effects will be felt throughout the Brazilian economy.

This article was written by Ginny Naish the Marketing Director of Property Dreams Brazil, a real estate consultancy based in Joao Pessoa, Paraiba. Property Dreams Brazil can provide consultancy services with regard to property investment, land, re-location and property marketing. Please visit Property Dreams Brazil for additional information.