Brazilian Tea

The Brazilian government says huge new oil reserves discovered off its coast could turn the country into one of the biggest oil producers in the world.

The state-controlled company says the results show high productivity for gas and light oil - the best quality oil - which is more valuable and cheaper to refine.

Petrobras says the find has the potential to move Brazil into a position where it is one of the top ten oil reserves in the world.

The news, which led to a sharp rise in company shares, was also given an enthusiastic welcome by the government.

The senior minister in charge of the cabinet, Dilma Rousseff, said if the deposits turned out to be as significant as first thought, it would place Brazil in the same league as Venezuela and countries in the Arab world.