Brazil could be set to invite international oil firms to bid for the right to drill in offshore fields from 2010, it has been revealed.

Speaking to the Financial Times, the country's mines and energy minister Edison Lobao reveals that it will call for companies to drill in recently-discovered Atlantic fields which are thought to contain some 80 billion barrels of high-quality crude.

However, as the reserves lie beneath the ocean floor underneath layers of rock and an unstable salt formation Mr Lobao reveals that obtaining the oil presents technical and financial challenges which the country will be unable to manage alone.

"We will certainly be holding auctions next year. This means the oil companies can begin to prepare their treasury reserves," he states.

With temperatures thought to vary drastically as oil is brought to the surface, investing in oil training could be recommended for those firms interested in drilling in the offshore fields.

Last month it was revealed that representatives of the Egyptian and Iraqi oil ministries had signed an agreement providing scope both for increased exploration opportunities and the strengthening of downstream contracts between the two countries.

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