Brazil's state-run oil company Petrobas on Friday unveiled a huge share offering which could raise $64 billion to help finance new exploration projects in the country. Some 2.1 million common shares and 1.5 million preferred shares would be issued to help finance deepwater exploration, the company said in a statement.

If there is a heavy demand, the company said it was ready to raise the offer to around $74 billion of shares. In June the company said its production stood at 2.5 million barrels a day, with estimated reserves of 14 billion barrels.

But it also announced it had discovered a new reserve of light crude in deep offshore waters.

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