Twisted information about the discovery of what may possibly be the third largest oil field in the world turned into a hot issue on the Brazilian blogosphere this week. The trigger was a comment from the head of Brazil’s National Petroleum Agency [ANP], Haroldo Lima, mentioning that the recently found Carioca [or Sugar Loaf] field in Brazil’s offshore Santos Basin could potentially contain reserves of up to 33 billion barrels of oil and gas. The comment was amplified by the media as an official announcement, which caused a wave of excitement through investor markets from Brazil to New York for Petrobrás [Brazil's state-run oil company] and its partners Repsol-YPF and the BG Group.

Petrobras officials quickly reacted saying that 3 months of further drilling would be needed before any meaningful estimate of volumes could be made. Yet, the day-after local media headlines took on the ‘announcement’ as a deliberate act to boost Brazilian markets and Petrobras’ share price, and speculated about the legal consequences the company could face for making such groundless comments. Meanwhile bloggers found a new gusher of opinions in the theme.

Haroldo Lima, director of National Petroleum Agency, has firmly denied having made any public announcement related to the Santos Basin’s find. He would have just made a comment based in articles published in a specialized American magazine. But the word of the director of a regulatory agency has weight not only over the sector regulated by it, but also over financial markets. Therefore it is not his role to make any inference. The weight of the word of an oil sector manager is much bigger than the opinion or an article of a journalist.
The weight of the word and the responsability - Leandro Vieira

The media, which in its overwhelming majority is opposed to the president Luis Inacio da Silva, the “Lula”, has tried to characterize Haroldo Lima as irresponsible, and the oppositionist CVM (Securities and Exchange Commission) says it will “investigate” him for having shared information with the public before an official announcement from Petrobras. That was an evident demonstration of spite, envy and hatred from the Brazilian right against the President Lula. That’s what we can translate from the attempt to disqualify the remarks of Haroldo Lima — a respectable public Brazilian figure. In its sordid ways, the media has tried to sensationalize the context of Lima’s comments, which were made in a closed event, as if he had made an announcement in a public plaza with a megaphone, aiming to reach the whole population. In fact, the information about the Carioca field was already known by oil specialists, and it had already been reported in the US by the “World Oil Magazine”.
Media roars against - Tribuna Petista

Lula: … tell Petrobras to make up another oil field,
so that I can get away from the latest scandals, heck!!!

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