Brazil Discovers Oil Near Amazon River

Brazilian President Luiz Inácio Lula Da Silva has hailed the discovery of oil near the mouth of the Amazon River, calling it a potential “passport to the country’s future”.

The discovery was announced by Brazil’s state run oil company Petrobras, following exploratory drilling in an area known as the Brazilian equatorial margin.

The drilling faced strong opposition from environmentalists, who warn that an oil spill in the region could have devastating consequences for its ecosystem.

Lula, who is seeking another four-year term in elections scheduled for October, maintains that developing the country’s oil resources does not change his commitment to eventually phasing out fossil fuels to address climate change.