Petrobras, Brazil’s state-owned oil and gas giant, announced it has just made two separate discoveries of oil in the Campos basin near the country’s coast, with recoverable reserves of 40 million and 25 million barrels. News of offshore discoveries is now a weekly occurrence as companies like Petrobras and OGX, owned by Brazilian billionaire Eike Batista, progress with exploration of offshore blocs. Brazil’s oil output is expected to rise significantly over the next decade, mainly due to the discovery of the potentially huge pre-salt reserves, which analysts have estimated could contain somewhere between 50 billion and 80 billion barrels of crude. A few days ago, Petrobras also announced new oil discoveries off shore Angola. The good news coincided with a research by the consulting company PFC on market value it did on several companies, and Petrobras ranked number 4 among the 50 biggest energy companies of the world.