(Dow Jones)--Brazilian President Luiz Inacio Lula da Silva said Thursday that his country was close to joining the Organization of Petroleum Exporting Countries and that it could become part of the organization in the next few years.
"We're not in OPEC yet, but we're close...maybe in a couple of years," Lula said in a speech during an official state visit to Caracas, where he met with his Venezuelan counterpart, Hugo Chavez.
Brazil produces enough oil to meet internal demand, and recently discovered a huge oil field off the coast. According to state-run oil company Petroleo Brasileiro SA (PBR), or Petrobras, the field has estimated oil and gas reserves of up to 8 billion barrels of oil equivalent, or BOE.
Lula had said before that his country could join OPEC.
In the last couple of weeks, Petrobras Chief Executive Sergio Gabrielli has said that pilot production at the field may start in 2010-11 at around 100,000 BOE a day.
The Brazilian president headed a government and business delegation that signed a series of collaboration agreements with Venezuelan companies and Chavez's government. The agreements range from health research to agricultural development.
Venezuela is a founding member of OPEC. During the joint press briefing, Chavez said he was "very happy" about Brazil's oil discovery, saying that "it strengthens the whole region."
Trade between the two nations is heavily tilted in favor of Brazilian exports, which reached $3.8 billion in the first 10 months of 2007, while Venezuelan exports to Brazil totaled $296 million, according to the government data.