Emerging markets - Brazil oil finds could make it a global leader

Petrobras is Brazil's largest corporation. Controlled by the Brazilian government, the company has a market capitalisation of over $225bn, accounts for approximately 19% of the MSCI Latin American index and has always been one of our favourite ways to play oil prices in emerging markets. It suffers much less taxation than Russian oil companies and is much more return-driven than most government-controlled oil companies. Last November, the company announced that it has potentially found one of the largest new oil fields in recent history. The so-called Tupi field has potentially five to si...