They've already received quite a bit of criticism for having a "porta voz" publicly declaring the size of the oil field, which then affected stock prices in several different companies, brazilian and european, when in reality they do not know the actual size yet. Whatever the size is of this find, 55-60% of it is owned by two european companies, one being british, the rest by petrobras.

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This is an interesting just published article relating the costs, challenges and estimate (wild) returns on the two main oil fileds discovery.

Bloomberg.com: Exclusive

Yes, Brazil owns entirely the oil field, like anywhere in the world since the end of colonial times. But Petropras and its foreign partners will receive fantastic fees for pumping out the oil, a financial and technical challenge.

Disclosure: 18-15 years ago, I participated in TV debates, radios, and wrote newspapers articles defending the privatization of Petrobras (I'm still in favour of that) or, at least, the end of its monopoly. Let me add that in that time I wasn't very popular, if anyone knows what was the ideological grounds back then, knows what I mean. But I'm quite glad that at least partnership with international companies are happening. A I hope the government doesn't get to greedy now and try to reverse that. Greedy is a worldwide problem, especially with numbers around trillions.

The last two large discoveries off brazilian waters has been extremely deep. Matter of fact, much deeper than the deepest current rigs which are in the gulf of mexico. New technology needs to be developed to get this oil out of the ocean floor, and last I heard Petrobras had 49% with two european oil companies having the other 51%.

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