Brazil's state-run oil company Petrobras on January 21, 2008, announced the discovery of Jupiter, a huge oil field which could equal the Tupi oil field. It is located 37 km (23 mi) from Tupi, 5,100 m (16,730 ft) below the Atlantic Ocean, 290 km (180 mi) from Rio de Janeiro. April 14, 2008, a second massive oil field was announced in the same region as the Tupi oil field with reserves estimated at 33 billion barrels (5.2×109 m³) of oil.
On May 21, 2008, Petrobras announced the discovery of a third megafield, located on the coast of the State of São Paulo.Petrobras doubled its daily production of oil and natural gas, surpassing the mark of 2 million barrels (320,000 m³), Brazilian company started production on the P-50 oil platform, in the Albacora East Field at Campos Basin, which gave Brazil self-sufficiency in oil production. A project Located in the hydrocarbon-prolific Northern Campos Basin,
Frade is a fast-track project in the ultra-deepwaters of Brazil.
Brazil, Chevron serves as the operator with 51.7% interest in the field. Partners include Brazilian NOC Petrobras with 30% and Frade Japao Limitada, a Japanese partnership led by Inpex, with 18.26%.