Brazil’s Petrobras confirms big oil find in renamed ‘Lula’ field


RIO DE JANEIRO — Brazil’s state-run Petrobras confirmed Wednesday that oil fields recently discovered offshore contained 8.3 billion barrels of recoverable crude and gas — and said the biggest field was being renamed “Lula.”

That nomenclature happens to be the nickname of President Luiz Inacio Lula da Silva, who steps down on Saturday after overseeing eight years of prosperity in Brazil capped by the oil discoveries. Lula in Portuguese means squid.