Brazil may be striking a gold mine or more precisely a black gold mine as its' discovery on the Maranhao site may have oil deposits as huge as the Campos Basin, which produces 85 percent of the Brazil's oil.
The basin was discovered by Petroleo Brasileiro SA and Devon Energy Corporation 160 kilometers off the coast of Sao Luis which this year alone has produced an average of 1.65 million barrels per day this year.
Maranhao state in northeast Brazil is famous for luring oil refining, steelmaking and pulp for export due to its five days closer to Europe proximity. With the stable output from Maranhao basin, Brazil's state oil company, Petrobras is planning to build a $20 billion premium-products refinery 30 kilometers from Sao Luis, for Europe and North America export by 2013.
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