Brazil's President Lula hails oil discovery near Amazon river

Brazilian President Luiz Inácio Lula da Silva has hailed the discovery of oil near the mouth of the Amazon river.Speaking after the find was announced by Brazil's state-run oil company Petrobras, he said it could be "a passport to the country's future". His decision to allow exploratory drilling in the area known as the Brazilian Equatorial Margin was heavily criticised by environmentalists, who raised concerns that any potential oil spills could devastate its ecosystem. Lula, who is running for another four-year term in elections scheduled for October, stressed that he was still committed to eventually phasing out Fossil Fuels to curb Climate Change. The oil discovery was made in the sea about 175km (110 miles) off the Amazon coast but the size of the field is not yet clear.It is also still unknown whether extracting the oil, which is located at a depth of 2,886m (9,469ft), would be commercially viable. Conservationists have warned that the area where the exploratory drilling is taking place is very biodiverse.