Brazilian Petrobras, state owned oil company, announced today that it believes there is huge Oil & Gas base at its Tupi field. We saw yesterday PetroChina becoming the world’s largest Oil Co in Market Cap terms. We are sure to see more happenings with Russia and India Oil cos. As these BRIC oil companies push the envelope on more exploration, their domestic consumption for energy will be addressed as their economic growth surges and may in turn soon be a leading supplier.

Bloomberg News reports