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Is there oil in Brazil?

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More than 50 oil companies now are engaged in oil exploration. The only global oil producer is Petrobras, with an output of more than 2 million barrels (320,000 m 3) of oil equivalent per day. In 2006, Brazil had 11.2 billion barrels (1.78×10 9 m 3) the second-largest proven oil reserves in South America after Venezuela.
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