The director of National Oil and Gas agency (ANP) of Brazil, a regulator of the oil and gas sector in Brazil, Harold Lima announced that Repsol, Petrobras, and the BG Group have discovered the potentially third largest oil and gas reserves in the deep waters of the Santos basin, south eastern Brazil. Mr. Lima announced that the field has been named temporarily as ‘Sugar Loaf’ and that it could hold an estimated 33 billion barrels of oil1.

• 1. “Brazil discovers world’s 3rd largest oil and gas reserves,” Xinhuanet, April 14, 2008, at http://news.xinhuanet.com/english/2008-04/15/content_7979602.htm