Brazil to Keep Control of 8-Billion-Barrel Oil Find

Brazil’s government plans to keep control of one of the Americas’ two biggest crude discoveries in three decades as the South American nation tightens its grip on its reserves, an official at the oil regulator said.

Pre-Sal Petroleo SA, the new state oil company, will own at least 40 percent of the deepwater Libra field, said Magda Chambriard, a director at the regulator known as the ANP. That’s on top of a minimum 30 percent stake to be held by state-run Petroleo Brasileiro SA, she said today in an interview.