Dec. 2 (Bloomberg) -- Petroleo Brasileiro SA, which discovered the Western Hemisphere’s largest oil find in three decades, may still be able to develop the region and turn a profit with oil prices at $50 a barrel, Banco Santander SA said.

Osmond Coelho, the manager of the state-controlled oil company’s so-called pre-salt region, said falling oil prices won’t affect the timing for developing the fields, Santander analysts Christian Audi and Ana Browne wrote. They cited a meeting with Coelho in a note to clients.

Petrobras, as the company is known, advanced 0.8 percent to 18.55 reais at 9:14 a.m. New York time.

Oil earlier plunged below $48 a barrel on signs the U.S., the world’s largest energy consumer, may be in the longest slump since World War II.

To contact the reporter on this story: Alexander Ragir in Rio de Janeiro at aragir@bloomberg.net.

Last Updated: December 2, 2008 09:26 EST