Guara, Brazil News

Regulatory reforms under former president Luiz Inacio Lula da Silva place much of the onus for developing those reserves on state-run Petrobras, although foreign companies will also play an important role.

Petrobras says that a new field, to be called Sapinhoa, in the offshore Brazil Guara area has an estimated total recoverable volume of 2.1 billion barrels of oil equivalent .

Brazil's state-led oil company Petrobras, BG and Repsol declared on Thursday that the Guara field in Brazil's Santos basin, south of Rio de Janeiro, is commercially viable.

Slashing hunger and povertyA requires massive government intervention that can boost economic growth while benefiting the rich as well as poor people and big farmers as well as small-scale farms, says Brazil's former president, Luiz Inacio Lula da Silva.