In 2010, an offshore oilfield was discovered about 112 miles off the coast of Rio de Janeiro in the Santos Basin. The oilfield, named Libra, was found to hold 16 billion barrels of crude oil, and is the largest in the country. Oil was first discovered in the basin in 2007, about four miles under the surface. This October, the National Oil Agency said, the country will be auctioning off areas for companies to drill. 

Earlier this month, the country acquired $1.4 billion in a pre-salt auction of 142 land and ocean oil blocs.

"The acreage in the auction, Brazil's first in five years, was sold under concession agreements that give oil companies control over exploration and development in return for royalties on crude oil and natural gas production," an article in Fox Business said. 

Now, Libra will be auctioned off as an entire bloc in October due to 2010 legislation. The 1,500-square-kilometer unit already has people talking. 

"I have worked in the oil industry for 30 years and have never seen anything like it," Magda Chambriard, the director of the National Oil Agency, said to the Agence France-Presse. "Something this size will raise eyebrows all over the world."

As new discoveries are being made around the world, offshore drilling companies may find themselves with more business and more options in the future. In addition to expanding their drilling opportunities, offshore project managers must also remember to invest in protection for the equipment as well. With offshore oilfield insurance, oil companies can know that their business is covered in case of any accidents. 

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